Question: Tom loaned $ 2 0 , 0 0 0 to Paul, repayable one year later with 9 % interest. The loan was made on March
Tom loaned $ to Paul, repayable one year later with interest. The loan was made on March On March of the next year, Paul did not make repayment. The next day Tom visited Paul and said to him: If you will repay me the principal of the loan today, I'll cancel the interest and close the entire matter." Paul assented to this proposal and, in compliance therewith, paid $ to Tom on March A few days later Tom demanded $ more from Paul, but Paul refused to pay. Tom then sued Paul to recover the $ interest. Should Tom recover?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
