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"Steven was not going to be able to make his 2021 rent payment for his...

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Accounting

  1. "Steven was not going to be able to make his 2021 rent payment for his Insurance Agency in a timely manner so he called up Larry Landlord and asked if he could give him a promissory note for the full amount that would be due in 6 months from the date of the call. Larry accepted the note. Can Larry sue Steven for nonpayment of the 2021 rent after the due date for the rent payment, but before the due date of the note?"

    Yes because Steven defaulted on his promise to pay the rent in accordance with the terms of the rental Agreement

    No because the rental obligation was discharged when Larry took the note.

    Yes because Larry can enforce the payment under either the lease or the note.

    "No because in the case of a note, the original obligation is suspended until the note is dishonored or paid."

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