Legal Question in Business Law in District of Columbia

No attorney will be able to tell you the odds of him successfully suing you without first reviewing the two contracts.

Without discussing the potential likelihood of success of such a suit, the basis of the lawsuit would be breach of contract for failure to pay the full $10,000. The legal issue in your case is whether NEW consideration was given for the written contract that allowed you to pay the lesser amount of $7,500.

If I'm understanding your facts, you owed $10,000 by the end of the month. You gave something in return for that original $10,000 loan -- for instance, maybe you agreed to pay interest, maybe you put up some type of collateral, maybe you performed some type of service, or maybe you are a relative of the lender and gave love and devotion in return for the loan. The end of the month came around and you could only afford to pay back $7,500. In an effort to get as much of the loan back as possible, the lender agreed in writing to take back the $7,500 as full and final payment. WHAT DID THE LENDER GET OUT OF THIS SECOND DEAL THAT HE WASN'T GETTING IN THE FIRST DEAL? This is the issue.

If you would like a DC attorney to review the two contracts and advise you of the lender's likelihood of success in suing you, please feel free to contact me directly at [email protected].

Best of luck.******The above is for informational purposes only and does not create an attorney-client privilege.*******