Admitting a Debt Exists Can Revive a Claim Barred by the Statute of Limitations

April 26, 2018

You might know there are deadlines to file any type of civil litigation claim known as statutes of limitation.  For example, in New York, a breach of contract claim must be filed within six years after the date of breach (e.g. if a breach occurred on January 1, 2013, plaintiff must commence an action by … Continue reading Admitting a Debt Exists Can Revive a Claim Barred by the Statute of Limitations

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The Bareburger Saga Highlights the Importance of Written Agreements

March 14, 2018

As we have often noted on this blog, the importance of businesspeople setting all the terms of their agreements into a writing cannot be overstated.  If a term is not in a written agreement – such as a requirement that all partners must actually work for a company rather than be a passive investor – … Continue reading The Bareburger Saga Highlights the Importance of Written Agreements

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Can Filing a Lawsuit Breach a Contract?

January 10, 2018

When a party to a contract tells the other side that it has no intent of performing its contractual duties, the other party is typically entitled to either damages or a court order directing performance of the contract.  This is referred to as an “anticipatory breach” or “anticipatory repudiation.”  But what happens when a contract … Continue reading Can Filing a Lawsuit Breach a Contract?

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Brokers are Afforded Great Protection by New York Courts

September 20, 2017

This post has musings from recent briefing we did representing a broker seeking a commission for a real estate transaction.  In New York, the default rule for real estate brokers is that they earn their commission when they produce a buyer who is “ready, willing and able” to purchase at the terms set by the … Continue reading Brokers are Afforded Great Protection by New York Courts

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How an Oral Agreement Cost Twin Brothers Two Jimi Hendrix Guitars

August 16, 2017

Today, in the middle of the 48th anniversary of the Woodstock music festival, we pause to remember legendary guitarist Jimi Hendrix – and a recent lawsuit involving a dispute over ownership of two of Jimi’s guitars.  The outcome of the suit is a reminder that when you loan out $400,000 worth of Jimi Hendrix guitars, … Continue reading How an Oral Agreement Cost Twin Brothers Two Jimi Hendrix Guitars

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Usury and When is a Loan a Loan

August 2, 2017

New York, like many states, provides a usury defense against enforcement of certain loans, which stated simply means that if the interest rate is too high, the borrower can avoid repayment.  Usury applies to non-contingent loans (e.g. the lender has an absolute right to payment), and does not apply to investments where returns are based … Continue reading Usury and When is a Loan a Loan

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Frydman LLC Secures Recovery in Limited Partnership Dispute

July 26, 2017

Frydman LLC recently secured a favorable recovery for our client in a lawsuit seeking unpaid distributions and our client’s share of the proceeds from a limited partnership’s sale of a New York City rental building.  One of FLLC’s practice areas is corporate litigation involving disputes between investors, shareholders, lenders, management and companies for breaches of … Continue reading Frydman LLC Secures Recovery in Limited Partnership Dispute

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Contract Rights – Use ‘Em or Lose ‘Em

June 14, 2017

Oftentimes businesspeople sign a contract and put it in a drawer never to see the light of day again – unless a dispute arises.  Especially with long-term contracts, trying to informally work things out might be efficient from a business perspective at the time, but it can lead to waiver of important legal rights in … Continue reading Contract Rights – Use ‘Em or Lose ‘Em

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