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Billos
Joined: 14 Oct 2008
Location: Korea
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 Posted: Thu Mar 12, 2009 5:27 am Post subject: Korean Contracts |
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I thought everyone might enjoy reading this, I wonder if they'll start using the same type of ink for English teachers:
http://www.msnbc.msn.com/id/29633608/
Court: Oath not worth its cost in blood
Men out drinking penned pact in blood over $170,000 repayment
SANTA ANA, Calif. - A California appeals court says a blood oath is a waste of hemoglobin.
The Fourth District Court of Appeal in Santa Ana agreed with a lower court yesterday when it ruled that a contract written in blood between two Korean businessmen is unenforceable.
In October 2004, the two men were out drinking and one agreed to repay the other about $170,000 of an investment. The deal was written in blood on a piece of paper in Korean characters.
The translated note read: "Sir, please forgive me. Because of my deeds you have suffered financially. I will repay you to the best of my ability."
The friend who was owed the money sued to collect in 2006.
But a judge, and now the appeals court, ruled the claim was invalid and an "unenforceable promise." |
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curiousaboutkorea
Joined: 21 Jan 2009
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| Posted: Thu Mar 12, 2009 6:26 am Post subject: |
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| The judge probably ruled the contract to be void because the men were intoxicated at the time, not because of the "ink" used. You can't enter a legally binding contract whilst intoxicated. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Thu Mar 12, 2009 6:10 pm Post subject: |
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| You'd think those Korean guys would have known better. In Korea, you get stinking drunk AFTER you sign the contract! |
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Ultimo Hombre
Joined: 13 Oct 2008
Location: BEER STORE
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| Posted: Fri Mar 13, 2009 2:45 am Post subject: |
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| But, Koreans don't have to honor contracts anyway. So, the point is moot. |
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antoniothegreat
Joined: 28 Aug 2005
Location: Yangpyeong
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| Posted: Fri Mar 13, 2009 3:06 am Post subject: |
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no, it is considered unenforcable because nothing was being given by one party. contract give something to both parties. since it was just a confirmation of a debt, and the other person was not gaining anything outside of the original contract, it is considered a "gift" which is not enforcable in american contract law.
this is the same reason why you must be careful with debt collectors. if done wrong, they can screw you. for example, if you owe $1000 dollars and they agree to collect only $500 of the debt, in return the debt will be considered completed, you must be careful. since you already owe them the money, this "contract" would not be valid, as they are not really getting anything. so some debt collectors will make agreements like this, have the person pay $500, then call a month later suing to collect the final $500 as that previous agreement was void.
to do this correctly, you must "give" them something. what often is done then is you "give" a different, and often more reliable form of payment. so instead of paying by check, you add in the agreement that payments will be made by money order, which is more reliable then a personal check. then it is considered that you "gave" something as well in the contract, making it now not a gift and valid. |
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bluelake
Joined: 01 Dec 2005
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| Posted: Fri Mar 13, 2009 5:29 am Post subject: |
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| antoniothegreat wrote: |
this is the same reason why you must be careful with debt collectors. if done wrong, they can screw you. for example, if you owe $1000 dollars and they agree to collect only $500 of the debt, in return the debt will be considered completed, you must be careful. since you already owe them the money, this "contract" would not be valid, as they are not really getting anything. so some debt collectors will make agreements like this, have the person pay $500, then call a month later suing to collect the final $500 as that previous agreement was void.
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Does that ever take me back... When I was a nineteen year old college student, about thirty years ago, my best friend and I had introductory memberships to a health club in the city where we were going to school. We were strong-armed (pun intended and nearly literal) into signing up for a gold membership (we were young and foolish). After some time, we decided to cancel our memberships, but the club wouldn't let us; they said we would have to pay the entire contract amount to get out.
I looked the contract over and over and I finally found a loophole. The contract stated that it could be canceled if a member moved more than 100 miles away from one of their centers. At the end of that semester, our apartment contract was up, so our only residence would be our permanent ones back home, and they were a couple hundred miles from the nearest club.
The club didn't accept it and sent bill collectors after us. I went to a lawyer who wrote them a letter telling them to, basically, go away. They sent both me and my friend letters offering to settle for X amount of money. I told my friend I wasn't going to pay them a cent; he caved in and paid what they asked. The result? They went after him for the rest, but left me alone. |
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antoniothegreat
Joined: 28 Aug 2005
Location: Yangpyeong
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| Posted: Sun Mar 15, 2009 6:31 pm Post subject: |
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| bluelake wrote: |
| antoniothegreat wrote: |
this is the same reason why you must be careful with debt collectors. if done wrong, they can screw you. for example, if you owe $1000 dollars and they agree to collect only $500 of the debt, in return the debt will be considered completed, you must be careful. since you already owe them the money, this "contract" would not be valid, as they are not really getting anything. so some debt collectors will make agreements like this, have the person pay $500, then call a month later suing to collect the final $500 as that previous agreement was void.
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Does that ever take me back... When I was a nineteen year old college student, about thirty years ago, my best friend and I had introductory memberships to a health club in the city where we were going to school. We were strong-armed (pun intended and nearly literal) into signing up for a gold membership (we were young and foolish). After some time, we decided to cancel our memberships, but the club wouldn't let us; they said we would have to pay the entire contract amount to get out.
I looked the contract over and over and I finally found a loophole. The contract stated that it could be canceled if a member moved more than 100 miles away from one of their centers. At the end of that semester, our apartment contract was up, so our only residence would be our permanent ones back home, and they were a couple hundred miles from the nearest club.
The club didn't accept it and sent bill collectors after us. I went to a lawyer who wrote them a letter telling them to, basically, go away. They sent both me and my friend letters offering to settle for X amount of money. I told my friend I wasn't going to pay them a cent; he caved in and paid what they asked. The result? They went after him for the rest, but left me alone. |
you are smart... your friend not... |
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Mr-Dokdo
Joined: 16 Nov 2008
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| Posted: Sun Mar 15, 2009 10:39 pm Post subject: |
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| antoniothegreat wrote: |
| bluelake wrote: |
| antoniothegreat wrote: |
this is the same reason why you must be careful with debt collectors. if done wrong, they can screw you. for example, if you owe $1000 dollars and they agree to collect only $500 of the debt, in return the debt will be considered completed, you must be careful. since you already owe them the money, this "contract" would not be valid, as they are not really getting anything. so some debt collectors will make agreements like this, have the person pay $500, then call a month later suing to collect the final $500 as that previous agreement was void.
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Does that ever take me back... When I was a nineteen year old college student, about thirty years ago, my best friend and I had introductory memberships to a health club in the city where we were going to school. We were strong-armed (pun intended and nearly literal) into signing up for a gold membership (we were young and foolish). After some time, we decided to cancel our memberships, but the club wouldn't let us; they said we would have to pay the entire contract amount to get out.
I looked the contract over and over and I finally found a loophole. The contract stated that it could be canceled if a member moved more than 100 miles away from one of their centers. At the end of that semester, our apartment contract was up, so our only residence would be our permanent ones back home, and they were a couple hundred miles from the nearest club.
The club didn't accept it and sent bill collectors after us. I went to a lawyer who wrote them a letter telling them to, basically, go away. They sent both me and my friend letters offering to settle for X amount of money. I told my friend I wasn't going to pay them a cent; he caved in and paid what they asked. The result? They went after him for the rest, but left me alone. |
you are smart... your friend not... |
you are a scoundrel ... your friend not ... |
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