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Author Question: A contract to sell is governed by the same rules as a sale. Indicate whether the statement is true ... (Read 41 times)

mmm

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on: Jun 24, 2018
A contract to sell is governed by the same rules as a sale.
  Indicate whether the statement is true or false

Question 2

Sam Student had borrowed 1,000 from his cousin. Sam and the cousin became involved in a heated disagreement when the cousin began to press Sam for repayment of the loan. Finally, Sam wrote a check for 190 to the cousin and conspicuously wrote on the check in big letters that it was full and final payment of the 1,000 loan. In need of money, the cousin cashed the check and demanded the remaining 810 from Sam. Sam refused to pay, claiming that they had entered into an accord and satisfaction that discharged Sam's obligation to pay anything more. The cousin sued Sam. Discuss the probable outcome.


Awesome

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Reply #1 on: Jun 24, 2018
Answer to Question 1

FALSE

Answer to Question 2

The cousin will clearly win the lawsuit. For an accord and satisfaction to apply, there must be a good faith dispute between the parties and an agreement to settle the dispute. In this case, there is no good faith dispute that Sam owes his cousin the remaining 810.


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