Is This True

GaMMoN

If I was to write on a piece of paper saying "I owe you E400" and i signed my name and gave it to someone is it illegal if i dont pay it??

Eru

GaMMoN wrote:

If I was to write on a piece of paper saying "I owe you E400" and i signed my name and gave it to someone is it illegal if i dont pay it??

Well if you write on a piece of paper "im an idiot thats asks stupid questions" it might not be illegal but.......

GaMMoN

I know its a stupid Q but i need to settle an argument.

Duffman

No. The hugely over-simplified answer is that they would have to do something for you / give you something to their detriment before you could even start to think about enforcing something like that..

But you knew that anyway.... right..? :rolleyes:

jay-me

From what I have heard I.O.U's are legaly binding.

GaMMoN

Duffman wrote:

No. The hugely over-simplified answer is that they would have to do something for you / give you something to their detriment before you could even start to think about enforcing something like that..

But you knew that anyway.... right..? :rolleyes:

Lol no i dont understand.. I just want to settle an argument if its true or not. like if that person brings me to court I have to pay?

hullaballoo

If you just write it out of the blue, then no, of course it's not binding.

I can say to you, "I am going to give you €65,000,000". You have no action to recover that money from me. If I were to say, "I am going to give you €65,000,000 when you tell me what the question to life, the Universe and everything is", then you have can sue me for it, once you provide the question.

Thus, and IOU for €400 is useless unless you have given something in return. To simplify the example, if your friend lends you €400, and then you write him a note to say "I owe you €400", then he can enforce that in the courts. It wouldn't cost him too much either, the small claims courts will (and do) settle the likes of this quite quickly and easily.

Thirdfox

Provide the answer right?

P.s. it is 42

(I expect the cash to be in my account by the end of the week!)

hullaballoo

Thirdfox wrote:

Provide the answer right?

P.s. it is 42

(I expect the cash to be in my account by the end of the week!)

No the question. Why would I ask for the answer? Everyone knows the answer! It's the question that's important. There was speculation at one point that it might be "what's six times nine?" but apparently there is an error in there somewhere, so they have to run the experiment again, and wait 2,000,000 years for the read-out.

besty

hullaballoo wrote:

No the question. Why would I ask for the answer? Everyone knows the answer! It's the question that's important. There was speculation at one point that it might be "what's six times nine?" but apparently there is an error in there somewhere, so they have to run the experiment again, and wait 2,000,000 years for the read-out.

Have you gone insane since I last saw you? (About 2 hours ago)

hullaballoo

besty wrote:

Have you gone insane since I last saw you? (About 2 hours ago)

No, I'm just temporarily being refracted into an upright prism.

besty

hullaballoo wrote:

No, I'm just temporarily being refracted into an upright prism.

Phew, I thought you went "GaGa" there for a minute!

padser

hullaballoo wrote:

To simplify the example, if your friend lends you €400, and then you write him a note to say "I owe you €400", then he can enforce that in the courts. It wouldn't cost him too much either, the small claims courts will (and do) settle the likes of this quite quickly and easily.

Just a small and very technical point (but i do have quite a smug look on my face as im writing it).

Since past consideration is not good, writing an IOU after the event is unlikely to be enforceable. (unless of course the money was 'lent' with the intention of being paid back - but in that case the IOU doesnt change the legal position)

hullaballoo

No, you're right. It's no use me saying that that's the situation to which I was referring, but I'll say it anyway.

You're also right about the IOU not changing the legal situation, but it does help the plaintiff with his evidential burden if he can hold up a memo to the contract, signed by the defendant.

popebenny16

It dosnt satisfy the statute of frauds. However, it is a prommissory note. If you were to put "I'll owe you €1000 if you paint my house" and it's painted then it's enforceable.

dermot_sheehan

GaMMoN wrote:

If I was to write on a piece of paper saying "I owe you E400" and i signed my name and gave it to someone is it illegal if i dont pay it??

No, as for a simple contract you need to give something of value into the bargain to be able to enforce it (e.g. write out I give you €400 for this tv, if you hand over tv contract is enforceable).

You could however write out a deed under seal which does not need consideration (the thing of value eminating from the person seeking to enforce).

You can write out a deed by which you promise to hand over 400euro, put L.S. in a circle at the bottom of it, sign it, and it becomes enforceable.

Maximilian

Sounds to me that at a basic level, an IOU is prima facie evidence of a debt, signed by the party to be charged yada yada.

hullaballoo

Maximilian wrote:

yada yada.

Incisive legal analysis there. ;P