Contract/Agreement Between to People

Asked about 5 years ago - Kenilworth, NJ

I had a friend take out a car loan under her name due to credit issues I was facing. Based on this loan we both agreed on a written agreement in which Power Of Attorney was given to me to handle any issues relating to the car and loan. This was also filed at the bank. The agreement read that I would maintain full coverage insurance and make these payments on time for 5years at the end of 5 years the title of the car would be turned over to me. A year has gone by and she wants me to buy the loan under my name at currently I cant do that due to my credit. We had an agreement that was notarized and signed by both of us. Does this agreement stand in a court as a legal document/agreement by two people? Does she have to keep her agreement?

Attorney answers (1)

  1. Ronald Lee Burdge

    Contributor Level 20

    Answered . Probably, since it was written down but it may depend on the laws of your state since Contract Law concepts sometimes vary from state to state. You need to talk to a local attorney who deals with this kind of case. Call your local attorney's Bar Association and ask for a referral to a Contract Law attorney near you. But act quickly because for every legal right you have, there is only a limited amount of time to actually file a lawsuit in court or your rights expire (it's called the statute of limitations), so don't waste your time getting to an attorney and finding out what your rights are. If this answer was helpful, please check the box below.

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