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problem:

Sam Student had borrowed $1,000 from his cousin. Sam and cousin became involved in a heated disagreement when the cousin began to press Sam for repayment of loan. At last, Sam wrote a check for $190 to the cousin and conspicuously wrote on check in big letters that it was full and final payment for $1,000 loan. In need of money, the cousin cashed the check and demanded the other $800 from Sam. Sam refused to pay, that they had entered in an accord and satisfaction that discharged Sam's obligation to pay anything more. The cousin sued Sam.

Required:

Discuss and describe the probable outcome.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M99300

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