12) Denton owed Calvin $5,000 which was due and unpaid. Denton was negotiating for the purchase of a new house and realized that if Calvin demanded payment of the $5,000 after he had invested all his available cash in the new house, he, Denton, would be in an unfortunate predicament. He therefore went to Calvin and explained the whole situation to him, and requested a one-year extension of the $5,000 debt. Calvin expressed willingness to go along under the circumstance and gave Denton a written promise not to sue on that obligation for the period of one year. Two days later, and before Denton had entered into a binding agreement to purchase the new house, Denton received a letter from Calvin revoking his promise and demanding immediate payment of the $5,000 debt, and in which he threatened to sue for the debt if payment was not made immediately. Answer the following questions relating to these facts, and discuss your reasons fully