On November 5, 2018, your client, Brandon Wick, borrowed $100,000 from his closest friend, Michael Sanchez, and utilized the funds to build his business. Mr. Wick committed to return the money on February 5, 2021, in an agreement he signed. Mr. Sanchez has had some financial difficulties, and called Mr. Wick and made the following offer: Mr. Sanchez promised that if Mr. Wick paid him $30,000 by December 20, 2020, Mr. Sanchez would accept the $30,000 as full satisfaction of Mr. Wick's obligation to pay the $100,000 as per their prior agreement.

The concept has piqued Mr. Wick's curiosity. Mr. Wick wants to be assured that he will be able to save $70,000 by paying $30,000 by December 20, 2020, despite the fact that he will have to work a little harder to pay the money back now. Mr. Wick wanted Mr. Sanchez to put his pledge in writing, but when he proposed it, Mr. Sanchez stated that his word was his bond and that he was upset that Mr. Wick would suggest that he could not be trusted. Mr. Wick has requested your opinion on whether he should accept Mr. Sanchez's offer. Prepare a memo to Mr. Wick informing him of the situation.

Describe the following:

The law as it relates to this debt scenario.

Whether Mr. Sanchez's pledge will be legally binding and enforceable, as well as

Is the fact that her pledge will not be in writing a problem?

Please explain carefully so that Mr. Wick, who has no legal experience, understands.