Legal Question in Business Law in Ohio

Contract legally enforceable?

I had reached a verbal agreement with one of two potential businesses partners. He decided not to proceed with our agreement, and told my other potential partner but did not notify me. The other business partner took up the formers end of our agreement (a $200 investment) without first getting my approval. He also changed the terms of the agreement without my approval. Here is where it gets tricky... he had me come over to his house to sign a new 'after the fact' agreement. He said it was pretty much the same agreement I had with the other partner and he was just formalizing it. I had had a couple of drinks and was in a good mood and took his word and signed this agreement. Upon reading it the next morning I found the terms to be changed quite unfavorably for me. Is this contract legally binding???


Asked on 9/16/02, 9:04 am

1 Answer from Attorneys
Wm. Bruce Davis

Re: Contract legally enforceable?

It is possible that the contract may not be enforcable. Under thre facts as you have presented them, you may be able to claim either "fraud in the inducement" or "fraud in the execution," or both.

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Answered on 9/16/02, 12:15 pm


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