Q: Joint Venture w/ personal guarantee. *UPDATED
I invested 50k in a Joint Venture Agreement that never happened and was never paid anything. About 6 months later I was givin a personal guarantee IN WRITING AND SIGNED to return the 50k. How much power does it give me?
A: I believe I answered your first question on this topic. It all depends on the written agreement. It is difficult to answer your question in a vacuum without knowing what the express language of the agreement is. There could be many different factors about timing, conditions precedent, accrual, etc. of when and if you are to receive your $50K back. Everything is contractual in nature, and the answer to your question turns on the terms of the contract. If the other side is in breach of the agreement (cannot tell for certain without reviewing the agreement), then one potential recourse is to file a lawsuit for breach of contract. You keep saying, "how much power does it give me?" The short answer is a contract does not give you "power". A contract defines what each side is supposed to do or not do. If one side breachs a contract, then the other side can pursue legal recourse; however, what that looks like may also be defined by the Contract. For example, there may be an arbitration clause in the Contract that precludes filing a lawsuit. You really need to consult with an attorney and let them review the Contract.
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