12:35 4 .. LTE I X SPRING 2020 - WRITING ASSIGNME... posted on Blackboard regarding this particular topic. Your client, Heidi Thompson, borrowed $50,000 from her cousin, Elena Powell, on August 15, 2019 and used the money to expand her business. Ms. Thompson signed a Promissory Note in which she agreed to repay the loan in full on August 15, 2020. Ms. Powell has had some recent nancial difculties, is in need of cash, and phoned Ms. Thompson and made the following offer; Ms. Powell promised that if Ms. Thompson paid her $20,000 by May 15, 2020, Ms. Powell would accept the $20,000 as full satisfaction of Ms. Thompson's obligation to pay the $50,000. Ms. Thompson is very interested in the proposal. Although she will have to struggle a bit to pay the money back now, Ms. Thompson wants to be certain that she would be able to save $30,000 by paying $20,000 by May 15, 2020. Ms. Thompson wanted Ms. Powell to put her promise in writing, but when she suggested it, Ms. Powell stated that they were family and that her word was good. Ms. Powell indicated that she was offended that Ms. Thompson would suggest that she could not be trusted. Ms. Thompson has asked for your advice as to whether she should accept Ms. Powell's offer. Please prepare a memo to Ms. Thompson advising her on this matter. Your memo should specically deal with and explain the issues of: (1) whether Ms. Powell'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 rules and legal terminology, but you should also explain your research ndings clearly so that Ms. Thompson, who has no background in law, will understand what you have advised her. The heading of the Memorandum should look like the following: MEMORANDUM TO: Ms. Thompson FROM: Your Name RE: Promissory Note between H. Thompson and E. Powell DATE