SA I signed a personal guarantee for equipment (photocopier) thinking is was a lease agreement..help!

Discussion in 'Commercial Law Forum' started by Jason5150, 5 May 2018.

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  1. Jason5150

    Jason5150 Member

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    I have inadvertently signed a personal guarantee for an equipment lease which was within the lease agreement and i didnt realise it was there. I wasn’t advised by the lessor that there was a personal guarantee within the document and not given an option to have it vetted by my solicitor. The lessor to my premise and asked me to sign the lease agreement on the spot! Is this legal? Do I have grounds to get out of this because I wasn’t given the opportunity to get legal advice first before signing? I was forced to put my company into liquidation because I was defrauded by my business partner and now the lessor is coming after me when I didn’t even know I’d signed a personal guarantee. Please help!
     
  2. Clancy

    Clancy Well-Known Member

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    What is the name of the lessee on the lease? Is it your personal name or your company name?

    It is not illegal for them to ask you to sign the lease on the spot unless their is undue influence and or coercion. And the courts may support that claim if its reasonably believable..... Most contract situations will encourage you to seek your own legal advice before signing the contract, since they want to make sure the contract is sound.... and the other side of that coin is, in your case, the contract is less sound!
     
  3. Rod

    Rod Well-Known Member
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    You should add this to your claims against your business partner.
     
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