Articles

Michigan Statute of Frauds: Prohibition of Oral Settlement Agreements

Author: LegalEase Solutions  Introduction A Borrower executed a Promissory Note (“Note”) in favor of a Bank.  Borrower subsequently defaulted on the Note.  Later, borrower and Bank entered into settlement negotiations and Borrower and Bank’s workout officer agreed to a settlement of the Note for a reduced amount.  The Officer agreed to suspend all collection activities … Continue reading “Michigan Statute of Frauds: Prohibition of Oral Settlement Agreements”

Necessity of Consideration for Valid Promissory Note in Ohio

Author: LegalEase Solutions  INTRODUCTION You have asked us to research whether the presence of consideration is necessary to find the existence of a valid, enforceable promissory note in Ohio.  These issues require discussion of: Applicable Ohio state case law Ohio QUESTION PRESENTED Is consideration essential in order for a Negotiable Instrument to be held valid … Continue reading “Necessity of Consideration for Valid Promissory Note in Ohio”