Jack owned Jill $2000, and this was supposed to be repaid on 1st may. However, on 1st April, because she neede

Question

Jack owned Jill $2000, and this was supposed to be repaid on 1st may. However, on 1st April, because she needed some money urgently, Jill told jack that he needed to repay her only $1500 and that she would forgo the balance. So jack paid $1500 on 1st April.

But 2 weeks later, Jill changed her mind about forgoing the balance sum $500.she now wants jack to pay her $500 also. Can she insist that jack pay her this $500 now?

Answer 1

I'll assume everything was in writing. Basically, Jill gave Jack a $500 discount in consideration for the early payment of the amount due. If she hadn't given this consideration, she would not have been able to demand any payment before the due date. Jack accepted, so the original contract should be considered paid in full, and Jill cannot request the remaining $500, as that's what she gave Jack.

Answer 2

Definitely not. If Jack had received a discharge certificate from Jill for the entire amount of loan then Jack has been legally discharged from her obligation. But if the discharge certificate is not given by Jill at the time of payment of loan Jack cannot prove her stand, hence in the court of law she will be made to pay the diff 500USD.

Answer 3

The answer may depend on the state the loan was made in, as loans to be paid over a year later, or over a certain amount, need to be in writing, and changes in the terms also need to be in writing.

Otherwise, there was a "novation" or a new contract, and Jill is not entitled to change her mind.

Answer 4

And what does Jack have in writing to the effect that $500 is forgiven for early payment of the debt?

Answer 5

Jill made a verbal contract to accept short payment. The terms of the contract were met by Jack. Jill has no rights to the additional $500.00 as she waved her right to it with the amended verbal contract.

Answer 6

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Answer 7

100% Yes

Answer 8

that probally wouldnt be fair since she told him that he didnt need to pay her but he migh be nice enough too if hes really a gentlemen and is this a rewal life problem or a math ?

Answer 9

yes as verbal agreements has no value.

Answer 10

No.