Parker owed Andrew a debt in the amount of $1,000.The debt was payable on June 1.
-In Ontario,and in Western Canada under the Mercantile Law Amendment legislation,if Andrew accepted the lesser sum as payment in full on the due date,he would not be entitled to collect the remaining $100.

Question

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This is known as the rule of accord and satisfaction, and it allows the debtor to offer a smaller amount than what is owed in full satisfaction of the debt. If the creditor accepts the lesser amount, they cannot later try to collect the remaining balance. This rule applies in Ontario and in Western Canada under the Mercantile Law Amendment legislation.

Parker Owed Andrew a Debt in the Amount of $1,000