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Jackie Borrowed $1,000 from Uncle John in 1975,with Repayment Due

Question 42

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Jackie borrowed $1,000 from Uncle John in 1975,with repayment due in 1977.Jackie never repays the loan,and Uncle John never attempts to collect it.In 2004,Jackie writes Uncle John a letter stating that she is sorry that she did not repay the debt and encloses a check for $100 toward repayment.Uncle John cashes the check.He dies of a heart attack one week later.Uncle John's heirs find the letter and sue Jackie to collect the remaining $900 balance.Analyze the case.

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