Legal Question in Business Law in New York
I signed a paper during a business meeting that was presented and said "this is a simple letter of understanding in lieu of a contract". Now the person claims it is a contract and I must abide by contract law. Was this letter fraud or misrepresentation and if so can it be voided
1 Answer from Attorneys
Unfortunately your question cannot be answered without review of the document you signed. In general, it does not matter what such a document is called as long as the basics of contract law are met and these are:
1) offer and acceptance - often evidenced by a written document
2) Consideration - means that each party to the contract must receive/gain something of value (don't confuse value with money or physical goods)
3) Intent or Meeting of the minds - meaning that parties to the contract have to intend to enter into the agreement.
If you did not intend to enter into a contract then it is possible that the document you signed could be invalidated. However, if the matter is important, you should retain an attorney to review it.
Feel free to contact my office at your earliest convenience.
Roman R. Fichman, Esq.
www.TheLegalist.com │ @TheLegalist
email: Info (at) TheLegalist (dot) com
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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.
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