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Author Question: XYZ Company, a distributor of auto parts, is in debt to the bank for $35 000 due on February 25. The ... (Read 142 times)

oliviahorn72

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on: Aug 7, 2021
XYZ Company, a distributor of auto parts, is in debt to the bank for $35 000 due on February 25. The company is having difficult times and wants to negotiate with the bank to pay only $33 000 as payment in full. With these facts in mind, which of the following statements of the law is true?
◦ If the company obtained from the bank the bank's promise to forgive the $2000 under seal, the bank could later sue for the remainder.
◦ If the bank agrees to accept the $33 000 as payment in full if paid early, by February 15, and the company does as requested, the bank could later sue for the remainder because the company gave good consideration for the bank's forgiveness of the debt.
◦ At common law, if the bank accepted the $33 000 as payment in full, even absent additional consideration, it could not later sue for the remainder because such promises are always binding.
◦ Even if the bank takes the $33 000, the bank can still sue for the entire amount plus punitive damages.
◦ A statutory provision provides that the creditor who accepts less than full payment as payment in full cannot later sue for the remainder.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by oliviahorn72 on Aug 7, 2021

bpool94

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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oliviahorn72

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Reply 2 on: Aug 7, 2021
Wow, this really help

tranoy

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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