Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

High Plains Construction Company agreed to buy a backhoe for $102,000 from Tools-R-Us, Inc. High Plains tendered a check for $102,000 and picked up the

High Plains Construction Company agreed to buy a backhoe for $102,000 from Tools-R-Us, Inc. High Plains tendered a check for $102,000 and picked up the backhoe. The costs incurred by High Plains to pick up the backhoe were $2,000. The next day, the High Plains CEO stopped payment on the check and delivered a new check for $100,000. On the back of the check, the High Plains CEO wrote, Payment in Full for Backhoe Serial # 88130. Before Tool-R-Us, Inc. cashed the check, the check was endorsed by the Tool-R-Us CFO. In addition, the Tools-R-Us CFO crossed out the words written by the High Plains CEO and wrote: Accepted as Partial Payment. Tools-R-Us, Inc. sued High Plains Construction Company in Small Claims Court for $2,000. High Plains argues that Tools-R-Us acceptance and cashing of the check was an accord and satisfaction.

Explain the issues you identified.

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Finance questions

Question

What are the stages of project management? Write it in items.

Answered: 1 week ago