Friend refusing to honour verbal contract
I had lend the amount of Rs. 10 lacs to friend in his firm with a verbal agreement that he will return the money in 2 months with 12 % interest per annum. But after 1 month he refused to honour the verbal contract. What legal standing do I have? I know he has not invested the money yet and is sitting in his bank account. What can court do in such matters?
Answer 1
n India, oral contract is binding between both the parties. To get your money back you have to prove in court the above facts. Even if the agreement was verbal, you should gather evidence which can help you prove your claim, because in court it will become his word against yours. You can gather witnesses who could support you in your claim. You can also produce transaction receipt of the money transfer as evidence in court. You must gather evidence in such a manner that you can assert the enforceability of your verbal agreement to the court’s satisfaction.
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