Under valid loan agreement

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Reference no: EM132252270

Digna owed Cecelia $10,000 under a valid loan agreement. Payment was due on September 1. Digna informed Cecelia that she was unable to pay on September 1.

a) Assume that on September 5, Cecelia orally agreed to accept $8,000 plus the transfer of Digna’s stamp collection (which Cecelia admired) as payment in full, if Digna would do so by September 10. Digna did pay the $8,000 and transferred the stamp collection to Cecelia on September 8. The stamp collection had a market value of $1,000. On September 15, Cecelia sued Digna for the $1,000 balance Cecelia claims is due. How much, if anything, will Cecelia recover from Digna? Explain.

b) Insead of the assumption in (a), assume that on September 5, Cecelia orally agreed to accept $9,000 in full payment of Digna's debt if Digna paid before September 10. Digna paid Cecelia $9,000 on September 8. On September 15, Cecelia sued Digna for $1,000. How much, if anything, will Cecelia recover from Digna? Explain.

c) Would your answer to (b) be different if Cecelia agreed in a signed writing to accept $9,000 in full payment of Digna's devt? Explain.

Reference no: EM132252270

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