I gave a loan of 10k to one of my friend(not anymore) to pump up cash into his business. We wrote the terms and conditions like a promissory...

Question

I gave a loan of 10k to one of my friend(not anymore) to pump up cash into his business. We wrote the terms and conditions like a promissory note on a paper and signed mutually.

It was signed between us on 25/Sep/2014 and there was no witness. I hold that written paper with me.

He paid me the agreed profit and principal for the first month and after that he did not pay me anything and its been 4 months now. contract is of one year.

What legal options do i have to get my principal and profit back from him.

how can i sue him regarding the mental torture i have been through to this problem and still going on.

Guy has a business at Ellsowth ,ohio. it is a Gas Station.

Please advise.

Thanks & Regards,

Mahtab

Answer

A few questions would need to be answered such as whether he was to pay you a monthly amount on the promissory note, or whether you have to wait until the end of the year before it comes due and payable. If the terms state you have to wait a year to collect the full amount of the loan and profit then you will have to wait until the year is up to sue. If there was a monthly requirement, you could sue for breach of contract because of the failure to make the monthly payments. As far as the "mental torture" typically there is no cause of action for mental distress based on a contract, so it is unlikely that a court would rule in your favor on this type of claim.