Legal Question in Credit and Debt Law in California

Contract

How long is a contract good for between two people. This contract was typed out and signed by both parties over 20 years ago. The contract was over an investment that went bad, but one party was sure the investment was going to be good and gave the other party a signed agreement to pay the other party back and the investment went bad. The party was offered his original investment back but refused it. He wanted his interest to with the investment, but the other party didn't have it to give him. So the agreement was never paid. Now 20 years later he wants his money, plus a whole lot more. Is this still a legal and binding contract. Is there a statue of Liminations regarding this mater. I live in California and he lives in Kansas. The contract was completed and signed in California and sent to him in Kansas.

Thank you for any help to this mater.


Asked on 6/14/08, 9:08 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Contract

More than likely, the statute of limitation in either state has run. In CA, it's 4 years from the breach. I don't know about KS law, but a quick internet search suggests that it's either 5 or 10 years. If you believe the KS law applies, you should address this question to a KS attorney.

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Answered on 6/14/08, 9:43 pm


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