Donald borrowed $2000 from Ace Finances Ltd. The agreement stated that the full amount plus interest of $500 was payable on 30 November. Shortly after arranging the loan, Donald lost his job and has been unemployed ever since.

Advise Donald in each of the following scenarios: (Note - the issue will be the same in each part)

(a) On 10 November, Donald approaches the company, saying: "I have scraped up $2000 but that is all I have. If you take that in full satisfaction and agree not to sue me for the remaining $500 you can have it now."

(b) Donald informs the company that he will sell his car if the company will take the proceeds in lieu of the amount owed. The company agrees even though it plans to sue him at a later stage for the difference. Donald sells his car for $2000,

hands over the money on 30 November and, 6 months later, the company sues him for the remaining $500.

C) Donald's daughter, Ivanka, offers to pay the company $2000 if they agree not to sue her father for the remaining $500. The company agrees so Ivanka hands over the money on 30 November.

Name the essential element and analysis on any case law or its exceptions that would affect that essential element for each of the parts. AU Law