X owed Y a debt in the amount of $1,000. The debt was payable on June 1^st. If X offered the $900 on the day before the due date, and Y accepted the money as payment in full, at common law, he could not later demand the remaining $100.

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At common law, if a creditor accepts a lesser amount than owed as full payment before the due date, it is considered an accord and satisfaction, and the creditor cannot later claim the remaining balance.

X Owed Y a Debt in the Amount of $1,000