Take legal advice before you put pen to paper

Would you contemplate signing a contract if you had not read the terms and conditions?  The case of Fraine v Foy (2021) illustrates the consequences.

Even though it was Mr Foy’s case that he had only been presented with the signatory page, the Judge reached a finding that Mr Foy had (1) signed the contract and (2) he had been afforded an opportunity to read and consider the terms of the contract.

As a result, Mr Foy was bound by the terms of the contract, and a sum of almost half a million pounds was due to Mr Fraine.

Before entering into a contract relationships with others – whether as part of a business investment, or like in this case, even as a loan between friends – you should seek independent legal advice.

Lending Money to Friends? Don't Act Without Professional Advice

The emotional element involved in lending money to friends and loved ones makes it all the more necessary to first seek independent professional advice.