Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. "steven was not going to be able to make his 2021

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

90.2K

Verified Solution

Question

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."

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Please describe how other physiological systems play a role in production of reproductive output (2 examples...

Physics
1.2K views

An electron is placed in a region with a 1010 V/m electric field directed in the...

Accounting
1.2K views

Case 1 – Cost-Volume-Profit Analysis (Assignment 1 – 20% of final grade) Janet Jennings is the...

Biology
1.2K views

t Lab Assignment Lab 8 8 Drag the appropriate labels to their respective targets Superior...

Physics
1.2K views

2 2 27 34 A narrow slit of width 2 mm is illuminated by monochromatic...

Physics
1.2K views

The following problem is computer graded your answer needs three digits nonzeros and include the...

Geometry
1.2K views

In triangle ABC ZA is a right angle and mZB 45 Find BC If your...

Basic Math
1.2K views

What is the annual worth of the following car wash Initial cost 150 000 Salvage...

Statistics
1.2K views

Consider the random variable y Number of broken eggs in a randomly selected carton of...

Algebra
1.2K views

The line graph shows the average proton speed in kilometers second km s measured in...

Accounting
1.2K views

Your co-worker, Alan Taylor, has recently begun working for your audit firm and wants your...

Accounting
1.2K views

7) On January 1, a company issues 8%, 5 year, $300,000 bonds that pay interest...