Please help me in making a leagal contract between 2 friends?

Question

in which 1 taking a loan from bank and both pay installments specially the other one in any case or condition.please make a suitable contract for other one that he never denay to pay installment in any case or condition. plz help me

Answer 1

you should not be taking out a loan for someone else.  if you have a disagreement about any thing your friend may not pay the obligation any longer.  



if you insist on doing this a contract is necessary.  just write the details out and both sign it.  you must specify the amount to be repaid, the term of the loan (a date when repayment is due), and the monthly payment amount.  remember these contract have time limits as to when you can sue to get your money back some states its two years.  

You can go to a stationary store and get a promissory note already made up; you only have to add the details.  good luck

Answer 2

The biggest way to lose a friend is to loan money.  I don't recommend it.  Even if your friend takes out the loan and you only co-sign for it, YOU are still going to have to pay if your friend defaults.  Sure you can sue later for breach of contract, but you may never get the money back.