Credit Co. inadvertently cashes a check marked paid-in-full from Mark, who owes $3,000 but only pays $2,000. According to Uniform Commercial Code (UCC), section 3-311, Credit Co. has has 90 days from the date it cashed the check to offer repayment in the same amount to the debtor and thereby avoid an enforceable accord and satisfaction. Question 2 options: True False

Credit Co. inadvertently cashes a check marked paid-in-full from Mark, who owes $3,000 but only pays $2,000. According to Uniform Commercial Code (UCC), section 3-311, Credit Co. has has 90 days from the date it cashed the check to offer repayment in the same amount to the debtor and thereby avoid an enforceable accord and satisfaction. Question 2 options: True False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dwane Johnson owes Verizon Wireless $1100. Johnson offers Verizon $500 in lieu of the original $1000 debt and Verizon accepts. Settling a claim by the debtor offering to pay less than the creditor claims to be owed is an example of A. Fraudulent Misrepresentation B. an accord and satisfaction. C.promissory estoppel. D. a release. Give correct answer with proper explanations
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