Lecture_4_CollectionsAZ2008

Lecture_4_CollectionsAZ2008 - Thompson Law Group, P.C. -...

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Thompson Law Group, P.C. - Attorneys at Law 2321 E. Speedway Blvd., Tucson, Arizona 85719-4730 Phone: (520) 882-5633; Fax: (520) 745-0616 e-mail: Lisa-LCTEsq@thompsonlawgroup.com Webpage: www.thompsonlawgroup.com COLLECTIONS – HOW TO GET YOUR MONEY One of the most common types of lawsuit is that for the collection of a debt. Businesses and individuals must often resort to litigation in order to collect money due them. If the debtor has signed a contract indicating the amount of money that the debtor owes and when that money is owed, then it is much easier to collect. If there is merely an oral contract, there may be an argument over the terms of the contract, which will make it much more difficult to obtain a judgment stating that a debt is owed. Always put agreements in writing to avoid this situation. Also, under Arizona law and most other states’ law, certain contracts must be in writing in order to be valid and enforceable. This doctrine is called the Statute of Frauds and it requires that a contract be in writing for any transaction involving real property, the sale of goods in excess of $500 or for any agreement that will continue for a period longer than one year. This is not an exhaustive list of Statute of Frauds’ requirements and there are exceptions to these rules. In short, it is advisable to always put contracts in writing so there is no argument as to the contractual terms. In Arizona, oral contracts are enforceable, but as discussed, are more difficult to enforce than written contracts. The statute of limitations, or time period within which you may file a legal action to enforce an oral contract, is 3 years from the date it is breached (one of the parties to the agreement has violated it). You have 6 years from the date of breach to enforce written contracts. When the time for enforcement starts to run will depend on the circumstances of your particular situation and you should contact an attorney to make sure that you do not lose the right to enforce your contract.
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This note was uploaded on 08/25/2011 for the course CHE 113 taught by Professor Burrows during the Spring '11 term at ASU.

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Lecture_4_CollectionsAZ2008 - Thompson Law Group, P.C. -...

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