X Owed Y a Debt in the Amount of $1,000

question 49

True/False

X owed Y a debt in the amount of $1,000.The debt was payable on June 1^st.If X offered Y the sum of $900 on the due date as payment in full,at Common Law,Y would be entitled to collect the remaining $100 even though he accepted the lesser sum as payment in full on the due date.

---

Definitions:

Income Beneficiary

An individual or entity entitled to receive income generated from a trust, estate, or account, rather than the principal sum itself.

Trust

A fiduciary arrangement where a trustee holds assets on behalf of beneficiaries, often used for estate planning and asset protection.

Dividend Income

Income earned from owning shares of a company, typically paid out from the company's profits to shareholders at regular intervals.

Investment Guidelines

A set of principles or rules designed to guide the management of investments, ensuring they meet specific objectives and constraints.