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Debtor owes Creditor some money, and the two parties have a good faith dispute over what the amount of the debt actually is Debtor thinks
Debtor owes Creditor some money, and the two parties have a good faith dispute over what the amount of the debt actually is Debtor thinks he only owes $1000, and Creditor is sure the amount agreed to was $1200 Rather than waste time, energy and money arguing with one another the parties agree to settle the debt Debtor promises to pay Creditor 51100, and Creditor promises to release Debtor from the debt This settlement agreement QA. Is enforceable under the UCC even though there is no consideration B. Lacks consideration because Creditor is not giving Debtor any legal value OC is supported by consideration OD. Lacks consideration because Debtor is promising to perform a preexisting legal obligation
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