We agreed part settlement on a loan. With a new agreement replacing the old one. My fellow director signed the new agreement but the loan amount was different to what was agreed beforehand. Can we request a revised agreement to take into account what we previously agreed.
my name is ***** ***** I will help you with this.
please let me know why he signed a document that was wrong?
He wasn't aware of the negotiated figure agreed beforehand.
I agreed 1.22m and the agreement was made out .264m
Its bad news I am afraid.
The contract is an express agreement between the parties and contains all the rights and responsibilities.
If he did not know or was not aware then sadly the contract should not have been signed or he should have checked.
It can now only be amended if the contract allows or the other side agree
But if it went to Court the Judge would say, well you saw the terms, you read them and you agreed to it
If the numbers turned out to be wrong you should have checked beforehand.
The level of detail a businessman has is expected to be greater than the average consumer
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Can I clarify anything about this today please?
The other side agreed a settlement figure on a previous loan. The remaining outstanding after agreed settlement was 1.22m. They produced a document stating 1.264m. We must be able to challenge this somehow.
Only if the contract allows you to.
Or they agree.
Otherwise you are stuck with it.
As I said if it went to Court the Judge would ask did you read and understand what you were signing. I assume the answer is yes
If so, then you are stuck with those numbers.
I am sorry
It should not have been signed if both parties did not intend to be bound by it
I cant accept they cannot be bound by there settlement offer.
Why not? A contract was signed with the figures in it?
They are 2 different things. An agreed settlement figure. Then the new loan. If someone agrees a figure to settle a debt then surely that is legally binding.
If it is subject to contract, then nio
* no *
This was subject to a contract because there was a written agreement.
Its the same when you put an offer in on a house.
You can offer £100,000 but later phone up and say, well actually no, I want to change it to £90,000
Unless contacts have been signed, either party can change it
Here you have a mistake.
It is not a mistake as to the subject matter (ie you thought you were selling a Banksy painting when it was a fake).
The subject matter is correct, it is the details that are wrong.
that is why the person signing the contract, as a businessman is expected to have read the contract and understood it.
If the contract is wrong then the Courts are going to be unwilling to interfere in that.
If you were a consumer it may be a different matter, but this is a business transaction
I am sorry but case law is against you.
I have a duty to be truthful with you.
Can I clarify anything else ?
Understand. If I have a loan and agree a settlement figure of £100 and the bank then takes £110 is this acceptable.
Ordinarily no. But in this case there is a signed contract. That makes the difference
A significant difference
Forgetting the 2nd contract signed. Do we have a claim that relates to the agreed settlement but the amount taken.
If there was no contract yes
But you have a contract so that overrides this.
Any agreement was subject to the contract.
You can try and claim, but mu view sadly is that you would fail.
Only because of the above.
Can I clarify anything else about this?
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