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Question
Able borrowed $10,000 from Baker, promising to return it with $1,000 interest on January 1, 2006. There is no dispute that Able owes Baker $11,000 due on January 1, 2006. On that day, Able gave Baker a valid check in the amount of $10,500 marked "payment in full for loan due January 1, 2006." Baker accepted that check and deposited it into his account. If Baker then sues Able for the unpaid $500, what would the result be?
A. Able wins, because Baker accepted the lesser payment.
B. Able wins, because Baker made an implied promise to accept $10,500 as full payment, thereby forgiving $500 of the loan.
C. Baker wins, because Able gave no consideration in exchange for Baker's promise to forgive $500 of the loan.
D. Baker wins, because marking "payment in full" can never relieve a party of its original obligations under a contract.
Answer
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