one page business memo (single spaced, 12 pt font, 500 words) addressing the questions raised.

PROMISSORY NOTE $ 500,000 April 15, 2015 . New York, NY For value received, I, Gina Gigabyte, of 371 Nagle Avenue, Apartment 6D, New York, New York County, New York, promise to pay to Sally Brine at 4531 Fifth Avenue, New York, New York, on May 31, 2016, the sum of $ 500,000, with interest at the rate of 0% annually. Gina Gigabyte Gina GigabyteNote Repayment Gina Gigabyte, borrowed $500,000 (interest free) from Sally Brine in April 2015 and used the money for start up costs for her now successful music app business. Gigabyte signed the attached Promissory Note in which she agreed to repay the $500,000 loan on May 31, 2016. Brine has had some recent financial difficulties, is in need of cash, and telephoned Gigabyte and made the following offer. Brine promised that if Gigabyte pays Brine $400,000 by December 30, 2015, Brine will accept $400,000 in full satisfaction of Gigabyte's obligation to pay $500,000. Gigabyte is very interested in the proposal. Although she will have to struggle a bit to pay the money back now, it would be worth it to her if she can be certain that she would be able to save $100,000 by paying $400,000 by December 30, 2015. Gigabyte wanted Brine to put her promise in writing, but when she suggested it, Brine said that her word was good and was offended that Gigabyte would suggest that she could not be trusted. Gigabyte has asked for your advice as to whether she should accept Brine's offer. Please prepare a memo to Gigabyte advising her on this matter. Your memo should specically deal with- and explain the issues of: (1 ) whether Brine's promise will be binding and enforceable and (2) whether the fact that her promise will not be in writing will be a problem. You should use the appropriate legal terminology but you should explain clearly so that Gigabyte, who has no background in law, will understand