Legal Question in Business Law in California

law of contract

my friend owned me Rs.2000, and this was supposed to be repaid on 1st may. However, on 1st April, because I needed some money urgently, so I told to my friend that he needed to repay me only $1500 and that i would forgo the balance. So jack paid $1500 on 1st April.

But 2 weeks later, I changed My mind about forgoing the balance sum $500. now I wants jack to pay my $500 also. Can I insist that jack pay to me this $500 now?


Asked on 11/12/07, 12:47 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: law of contract

No. Your agreement to accept $1,500 earlier is a novation - defined in Civil Code section 1530: "Novation is the substitution of a new obligation for an existing one."

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Answered on 11/12/07, 1:54 pm


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