Q: Is a promissory note enforceable if the full principal sum of money was never delivered to the borrower?
My father and step mother agreed to loan us 7200 at the terms 200 a month for 36 months they are now refusing to send the remaining 1500. Does this make the promissory note void under their terms since they never sent the full sim of 7200?
A: It's a breach of contract matter. It doesn't mean you don't have to pay the money back that was loaned but rather you don't have to pay back the full sum. I suggest you negotiate a new promissory note with your father and step mother for the amount received. Maybe their financial position changed and they don't have the $1,500 or for some reason they had a change of heart. It's better to renegotiate then to get into a legal dispute with family. If that doesn't work you will likely end up in court over this sooner or later.
Charles M. Baron agrees with this answer
1 user found this answer helpful
A: You must repay the money absent other terms agreed on as to loaning the full amount of money.
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