Denton owed calvin $$5,000$ which was due and unpaid. Denton was negotiating for the purchase of a new house and realized that if Calvin demanded pa$)$rment of the $$5,000$ after trJtraO invisted all his available cash in the new house, he$,$ Denton, would be in an unfortunate predicament. He therefore went to Calvin and explained the whole situation to him, and requested a one$-$year extension of the $$5,000$ debt. Calvin expressed willingness to go along under the circumstance and gave Denton a written promise not to sue on that obligation for the period of one year. Two days later, and before Denton had entered into a binding agreement to purchase the new iror.rr$",$ Denton received a letter from Calvin revoking his promise and demanding immediate payment of the $$5,000$ A$"$Ut$,$ uJ in which he threatened to sue for the debt if puyment was not made immediately. Answer the following questions relating to these facts, and discuss your reasons fully: