Recent legislation in some provincial jurisdictions overrides the common law that governed the acceptance of a payment of a lesser amount in full satisfaction of a debt.What is the policy rationale for the legislation?

Question

Quizplus · Accepted Answer

The policy rationale for such legislation is to promote the settlement of debts on a final basis, encouraging both parties (debtors and creditors) to come to an agreement that conclusively resolves the debt, thereby providing certainty and finality to financial disputes.

Recent Legislation in Some Provincial Jurisdictions Overrides the Common Law