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Larry owed Rusty a $3,000 debt that is past due. In a telephone conversation, Kathy orally promised Rusty that in exchange for Rusty's promise to extend the time for payment 30 days, she would pay the $3,00 if Larry didn't make the full payment. Three months have passed. Rusty still cannot collect from Larry and now is suing Kathy on her promise made in the telephone call. Can Rusty recover?

Larry owed Rusty a $3,000 debt that is past due. In a telephone conversation, Kathy orally promised Rusty that in exchange for Rusty's promise to extend the time for payment 30 days, she would pay the $3,00 if Larry didn't make the full payment. Three months have passed. Rusty still cannot collect from Larry and now is suing Kathy on her promise made in the telephone call. Can Rusty recover?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Larry owed Rusty a $3,000 debt that is past due. In a telephone conversation, Kathy orally promised Rusty that in exchange for Rusty's promise to extend the time for payment 30 days, she would pay the $3,000 if Larry didn't make the full payment. Three months have passed. Rusty still cannot collect from Larry and now is suing Kathy on her promise made in the telephone call. Can Rusty recover? O Yes. O No.
Transcribed Image Text:Larry owed Rusty a $3,000 debt that is past due. In a telephone conversation, Kathy orally promised Rusty that in exchange for Rusty's promise to extend the time for payment 30 days, she would pay the $3,000 if Larry didn't make the full payment. Three months have passed. Rusty still cannot collect from Larry and now is suing Kathy on her promise made in the telephone call. Can Rusty recover? O Yes. O No.
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