Vincent agrees to sell 10 cartons of footwear to a local retail outlet at $150 for each carton.Each carton is to contain 30 pairs of footwear,but the local retail outlet finds that most of the cartons have only 25 pairs of footwear.The retail outlet decides to sue Vincent,but they decide to settle the matter outside the court in order to reduce the expenses involved in a lawsuit.Both parties finally agree to revise the rate of each carton to $135 with each carton containing 25 pairs of footwear.This settlement is an example of ______.
A) accord and satisfaction
B) duress
C) mutual mistake
D) undue influence
E) promissory estoppel

Question

Quizplus · Accepted Answer

In this scenario, the settlement between Vincent and the retail outlet is an example of accord and satisfaction. This is an agreement not to sue, and both have surrendered their right to have a court determine the settlement.

Vincent Agrees to Sell 10 Cartons of Footwear to a Local