A Payment of $727

question 176

Short Answer

A payment of $727.50 was made on May 7 on an invoice totalling $3,000.00 dated April 27 with terms 3/10, 1/15, n/30. What amount is still owed?

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Definitions:

Act for the Prevention of Frauds and Perjuries

Historical legislation requiring certain contracts to be in writing and signed to prevent fraudulent claims and perjury.

Main-Purpose Rule

A legal principle holding that if the main purpose of a guarantor's promise to pay another's debt is to serve the guarantor's own interests, the promise does not need to be in writing to be enforceable.

Secondary Obligation

An obligation that arises only after a primary obligation has not been fulfilled, often seen in guarantor or surety arrangements.

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by the parties to be enforceable.