Maria discharges jose from his debt obligation

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Reference no: EM1381536

Jose borrowed $2,500 from his best friend Maria to purchase a car. This loan is due and payable in full on June 1st. Unfortunately for Jose, he failed to get a flu shot during the winter and came down with a very bad case of the flu. As a result, he missed five weeks of work, and consequently will not have the funds necessary to repay Maria on or before June 1.

Lucky for Jose, his employer offers to pay Maria three monthly installments of $1,000 if Maria discharges Jose from his debt obligation. Maria gives it some thoughts and accepts.

What is this transaction? Can it be termed an assignment, a novation, or an accord and satisfaction? Explain

Reference no: EM1381536

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