Ask Me Help Desk - Verbal Agreement- Binding or No?

I am in Ohio.
I have a verbal agreement with someone. The agreement was that he would purchase some software and equipment for me, and that I would pay him back with a percentage of the proceeds of the small business I was starting.
He became angry with me and now wants me to give him back his equipment. If I give this stuff back to him, I cannot work. If I was in a position to purchase the equipment from him, I would have purchased it myself.
I have already made some payments.
I guess my question is- can he go back on his word and demand that I give him the equipment and software back, or can I hold him to his original agreement?
This deal is not in writing.
Is possession really 9/10ths of the law?
How could he prove it was not a gift?

Is this deal in writing?

If not, its going to be very hard for you.

So, I will assume this deal is not in writing (big mistake).

Keep the property, continue to use it and attempt to get financing to pay him off or buy your own. He will have to take you to court to get his property back.

First what nation are you in, US, Libia, Mexico, the laws of different nations differ.

In the US most courts will confirm that a verbal contract is binding in many areas. ( some areas like home sales, car sales and the such written contracts are sometimes required)

So even in the US it would depend on where ( what state)

But yes in general this agreement should be binding, with the understanding of course that a normal period for the exectution of the contract be made, normally less than a year. ( gives you a year to pay it back)

Now of course a verbal contact is just that, your word against his, unless there are witnesses.

He can try and sue you in court for the value of the goods, if he takes it back you can try and sue him for the value of the sales you lost.
In general depending on the value of the goods, it can be done in small claims court.

So in gereral first I advice you to take to an attorney, ( I am not regestered with the BAR and I do not have a legal practice, I only give an opinon based on past experience and years of answering questions on sites like this and hearing what happened to others)

But send him a registered letter outlining the verbal contract, and an estimated repayment plan. Perhaps you can get him to agree to a formal repayment schedule. In this way you re-inforce the agreement.
After that it is all in his ball park, if he wants the equipment back he will have to sue you in court, so the next step will be his.

Again, opinion. Best bet, talk to local attorney

My daughter was estranged from her husband. She moved out of the house.She died intestate and has no divorce papers. She had told her cousins that she wanted to give the mother the insurance monies. Is the husband still entitled to his share accoding to the intestate law

Quote:

Originally Posted by valdez

My daughter was estranged from her husband. She moved out of the house.She died intestate and has no divorce papers. She had told her cousins that she wanted to give the mother the insurance monies. Is the husband still entitled to his share accoding to the intestate law

This post belongs in Valdez' other thread.

What she told her cousins has no bearing on the matter. Is this life insurance you are asking about? If so, and if he is named as the beneficiary, he gets the money. Otherwise it becomes part of her intestate estate.

A friend agreed to sell me 5 acres of land for $80,000 if I would lend him some money. I did and I also paid him the $80,000, I now believe that he does not want to fulfill his part of the bargain as he has offered to give me my $80,000 back. Can I sue him for the value of the five acres if he is not willing to subdivide the land and keep to the agreement.

Quote:

Originally Posted by amandajayne

A friend agreed to sell me 5 acres of land for $80,000 if I would lend him some money. I did and I also paid him the $80,000, I now believe that he does not want to fulfill his part of the bargain as he has offered to give me my $80,000 back. Can I sue him for the value of the five acres if he is not willing to subdivide the land and keep to the agreement.

This post belongs in a separate thread.

Someone who pays $80,000 without anything in writing belongs in a mental institution.

In most states the "Statute of Frauds" would bar recovery, or at least prevent you from getting the land.