4.Kristen borrows $1000 from John Spellman. This loan is to be paid within one year with interest at 10% per year ($1100). On the due date Kristen sends John a check for only $1000 with anote saying "Sorry I am strapped for cash.You will have to accept this in ful payment". John endorses (signs) and cashes the check. John may later sue and recover the unpaid balance of $100.

Answer the following:

Can the debtor settle a claim by accepting less payment?

Is there a valid consideration?

Does John give up his right to Sue?