Legal Question in Civil Litigation in Virginia

Re: Loan/Partnership

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RESPONSE: Assuming that the subject-matter of the contract is not illegal or against public policy, then YES, the contract is probably binding and enforceable.

Re: Loan/Partnership

The requirements for a contract may very well be met by a form signed by the parties and notarized. You can create a contract if you were to hand write something on a cocktail napkin and have both parties sign the cocktail napkin. However, you may be setting yourself up for heartache down the road, was there valued for consideration? Was there a true bargained for exchange? What are your remedies upon breach? What happens if there are ambiguities in the form contract? Many cases go to trial because individuals are a penny wise and a pound foolish. Often times litigation attorneys such as myself have to get involved litigating the issues found in form contracts because they are not properly or clearly set out in the outset or they violate some rule of law or law unique to a particular area of law or jurisdiction. You should have a licensed attorney review any contract you intend to enter into to determine whether or not your interests are protected. You should also contact a business attorney to discuss whether a partnership or other vehicle might be better for your business venture.

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