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Bussiness contract not sign grounds for estafa

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Arresto Menor
Hi Sir gud day, Im Nelson I have a problem regarding my investment with an auto shop selling tires and mags. My office mate and I invested 300,000 pesos to this shop and we supposed to be paid monthly for 12,000 each. I made a contract and gave it to my office-mate to be signed by the owner because the two of them had been engaged in several businesses and became close friends, but its been 4 months now and still my friend can't make the owner signed the contract. I can't talk with owner personally because he's been in the province for almost two months and always make promises that he will return to signed the contract. He pays me in staggered basis since the first payment, and he supposed to pay for the interest for late payments as we have agreed. Me and wife agreed to withdraw our money back cause we're afraid that he won't be able to pay us, and that he plans to pay us this way. His balance had accumulated from his first payment. What should we do?
Do you we have grounds for estafa?
Thank you.

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