Someone owes me close to $5,000. Can I put into place a contract establishing his acknowledgement of the debt and have it signed by him so that he can’t deny the amount in future? Should I also mention in the contract that he needs to repay the amount in less than 90 days? Would I be able to make use of the contract in case he fails to repay the amount? Would the breach of contract be easier to take necessary legal steps?
