Parker owed Andrew a debt in the amount of $1,000.The debt was payable on June 1.
-If Brendan,a friend of Parker,paid $900 to Andrew as payment in full of the debt owed by Parker,and Andrew accepted the sum,Andrew could not later demand the remaining $100 from Parker.

Question

Quizplus · Accepted Answer

This scenario demonstrates the concept of accord and satisfaction, where a debtor (Parker) offers and the creditor (Andrew) accepts a compromise payment (here $900 instead of the full $1000 owed). Once accepted, the compromise payment settles the debt in full, and the creditor cannot later demand additional payment from the debtor.

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