Do you think this would law binding if?

Question

I have had problems with my sister-n-law paying off a bill on my credit, so now I have decided to just pay it off myself and get a contract between the both of us, but im not sure how to do it cuz we are in Hawaii and they are in Delaware.

We want them to pay us back the $830 off that they still owe us, I want them to pay us $80 a month but I want them to have the balance paid off by March 15th. My husband says I cant do that but I say we can. That means by that time it will be 3 years that they took to pay a $3500 loan.

Will they have to have that notarized on their end and then mail us that and it will be law binding, and if so and they break the agreement can I take them to court and hold them responsible if they dont holdup to the agreement?

Answer 1

A notary merely verifies the signature.  It has no other legal affect.  You do not have to be in the same place when you sign to make it legal.  Make sure you say that "in exchange" for your agreement to pay the bill incurred by her, the sister agrees to pay you whatever the total is, and the monthly payments, and starting date, and ending date and what happens if she misses a payment.  You sign.  She signs.  It is done.

Answer 2

The contract needs to explicitly state what you are giving in exchange for these payments. The contract must demonstrate consideration on both sides. If that's taken care of and both of your signatures are notarized, the agreement would be legally binding and you could sue them if they did not live up to the contract.

Answer 3

Go to these sites for your State. It will give you all the info you should need , and also tell you what you can do to ensure you get paid. If you have any form of the payment you lent them , like a check that has loan written on it the day you lent the money may be enough to get full payment in a timely manner and possibly without actually having to have a contract written out and notarized. The District Court in your area can tell you exactly what you would need to pursue this.

The following sites can give you the answers you are looking for.

http://www.courts.state.hi.us/page_serve...

http://www.courts.state.hi.us/page_serve...

http://www.consumeraffairs.com/consumeri...

http://search.yahoo.com/search;_ylt=A0ge...