Raphael,who owes $10,000 to his credit card company,sends a check to his credit card company for $50 and marks the check "paid in full." The credit card company inadvertently cashes the check,but the mistake is caught two weeks later and they offer to repay Raphael his $50.Raphael does not respond.Does accord and satisfaction exist?
A) No,because the $50 payment accounted for less than 10 percent of the balance due.
B) No,because the bank offered to repay the money in a timely manner.
C) Yes,because Raphael did not accept the bank's offer for repayment.
D) Yes,because the bank cashed the check and this is sufficient for accord and satisfaction.
E) Yes,because the bank has to offer a refund to Raphael within one week to avoid accord and satisfaction.
Correct Answer:
Verified
Q53: When an accord and satisfaction is at
Q54: Which of the following is NOT an
Q55: What can a business do to protect
Q56: A promise to do something that you
Q57: In return for his oral promise to
Q59: Sonia goes to have her hair trimmed
Q60: Bailey agrees to bathe and groom Keiko's
Q61: Assuming no exception applies,which of the following
Q62: Which of the following would be the
Q63: In a lawsuit between the bank and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents