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Exceptions to waiver of existing rights to a third party

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Exceptions to waiver of existing rights to a third party

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • February 11, 2017 at 5:19 pm #371989
    sawyunandar
    Member
    • Topics: 22
    • Replies: 9
    • ☆

    I don’t understand the following paragraph
    “If X arranges with creditors that they will each accept part-payment in full entitlement, that is bargain between the creditors X has given no consideration but he can hold the creditors individually to the agreed terms”
    ***Debtor is denoted by X in that paragraph.

    February 11, 2017 at 7:09 pm #372011
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    I suppose if you get down to basics you could claim:

    a debt is owed
    the borrower breaches the contract by refusing to pay
    instead the borrower offers part payment
    and the creditors accept that revised offer in full settlement

    The creditors had available the possibility of taking legal action to pursue their debts in full but chose instead to accept the part payment offer

    That offer of part payment that has been made and accepted by the creditors supersedes the original debt

    OK?

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