‘One Contract’ Theory Didn’t Relieve Association’s Obligation to Repay Loan
Facts: Over the course of several years, a construction company performed construction work for an association. When the association encountered financial trouble, it requested a loan from the construction company. The association also needed to replace a deteriorating retaining wall and asked the construction company to bid on the project. The parties agreed to and executed: (1) a promissory note memorializing the loan; and (2) a contract for the construction of the wall.
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