Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 . Ray borrowed $ 2 5 , 0 0 0 from Lenny on January 1 , and agreed to pay itback on June 1

1. Ray borrowed $25,000 from Lenny on January 1, and agreed to pay itback on June 1.(a) On June 2, Ray telephoned Lenny and explained that he was havingfinancial problems. In that conversation, Lenny promised Ray that if Ray paid him$20,000, he would take that amount in full satisfaction of Rays debt. The nextday, Ray sent Lenny a check for $20,000 on which Ray had written in fullsatisfaction of my loan obligation. Lenny cashed the check and then sued Rayfor $5,000. Judgment for whom? Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computerized Accounting With QuickBooks 2014

Authors: Kathleen Villani, James B. Rosa, Blanche Ettinger

1st Edition

0763860239, 9780763860233

More Books

Students also viewed these Accounting questions