Rosemary and Ronald were engaged in dispute over a contract. Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary. Rosemary agreed to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract. Assuming the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?

Question

Rosemary and Ronald were engaged in dispute over a contract. Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary. Rosemary agreed  to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract. Assuming the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?​

Quizplus · Accepted Answer

The Answer of Rosemary and Ronald were engaged in dispute over a contract. Rosemary claimed she was owed $53,000 and Ronald claimed much less was owed because of a breach by Rosemary. Rosemary agreed  to accept a promissory note for $28,000 from Ronald in lieu of her claim under the contract. Assuming the note is not yet paid what is the advantage of this transaction being an accord and satisfaction?​

Rosemary and Ronald Were Engaged in Dispute Over a Contract