Hi! I’m looking to make sure a loan contract is able to hold up in court if I needed to take legal action.
Hi! I’m looking to make sure a loan contract is able to hold up in court if I needed to take legal action.
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The terms and contents you would likely need to include are the following:
- Parties included (borrower and lender)
- Loan Term
- Payment Due
- Payment Amount
- Late Fee
- Security (if any)
- Prepayment Penalty
- Interest Due in the event of default
- Allocation of Payment
- Governing Law
- Execution
- Parties’ Signatures.
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Hi! I’m looking to make sure a loan contract is able to hold up in court if I needed to take legal action.
Lexi, Chatbot
I understand the importance of having a loan contract that can hold up in court. Can you tell me what type of loan contract you are referring to?
I am looking to give an individual loan to a business in the amount of $200,000.00
Lexi, Chatbot
Have you already had a lawyer review the contract, or are you looking for legal advice on how to draft it to ensure its enforceability?
I’m looking for legal advice to ensure it’s enforceable.
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they’ll be able to help with contract enforceability.
It’s a loan for 8 months for 200k with an interest rate of 15% at the end of the agreement.
Brandon
My name is Brandon and I’m an attorney. I’d be happy to help you out today. Please note that this discussion is for guidance only and does not constitute an Attorney-Client Relationship. My answers and comments should not be considered legal advice.
Brandon
The terms and contents you would likely need to include are the following:
- Parties included (borrower and lender)
- Loan Term
- Payment Due
- Payment Amount
- Late Fee
- Security (if any)
- Prepayment Penalty
- Interest Due in the event of default
- Allocation of Payment
- Governing Law
- Execution
- Parties’ Signatures.
Ok I appreciate all your help. Thanks, and have a blessed day.
Take care.
Brandon
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