Jim owes Mike $10,000 There is no dispute as to the validity or amount of the debt Jim tells Mike that his Rolex watch is worth $5,000 and offers Mike the watch in satisfaction of the debt Mike accepts Mike later finds out that the watch is really only worth $3,500 Jim thought the watch was worth $5,000 and did not fraudulently represent the value How much does Jim still owe Mike A $5,000 The watch is consideration and they agreed it was worth $5,000 B $10,000 The watch is not consideration since the debt is liquidated C $6,500 The watch is consideration but only for the actual value of the watch D $0 The watch is considered full satisfaction regardless of value

Question

Jim owes Mike $10,000  There is no dispute as to the validity or amount of the debt  Jim tells Mike that his Rolex watch is worth $5,000 and offers Mike the watch in satisfaction of the debt  Mike accepts  Mike later finds out that the watch is really only worth $3,500  Jim thought the watch was worth $5,000 and did not fraudulently represent the value  How much does Jim still owe Mike  A  $5,000  The watch is consideration and they agreed it was worth $5,000  B  $10,000  The watch is not consideration since the debt is liquidated  C  $6,500  The watch is consideration but only for the actual value of the watch  D  $0  The watch is considered full satisfaction regardless of value

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Jim owes Mike $10,000. There is no dispute as to the validity or amount of the debt. Jim tells Mike that his Rolex watch is

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