Assessment Number 1:
Assessment Title: Case Study Analysis
Assessment Length: 1,500 words: 50% of mark
Submission Deadline: 21.10.2013 (Wk 6)
Assignment Question 1:
On 2nd April 2012, Peter borrowed from Sue, the sum of £25,000, to be repayed with interest at 12% per annum, by no later than1st July 2012.
Advise sue of her legal position in the following situations:
- On 2nd June, Sue accepted the sum of £20,000 from Peter in settlement of the debt. However, on 1st July, she has now decided to claim from Peter the outstanding balance of the debt plus interest.
- On 1st July Peter repays to Sue the sum of £25,000, but without payment of the agreed interest on the loan. She now wishes to claim for the outstanding interest.
- On 1st July, Peter gives Sue a cheque for £18,000, telling her that he is in severe financial difficulties and that if she does not accept this sum in full and final settlement, she will receive nothing. Sue reluctantly accepts and banks the cheque, but a week later discovers that Peter has won a large sum on the lottery. She now wishes to sue for the outstanding balance.
- On 1st July, Peter informs Sue that he has lost all of the monies on the stock market and cannot afford to repay her. Sue initially feeling sorry for Peter, tells him that she will write off the loan, but several days later changes her mind and now wishes to claim all monies due.
- Sue accepts Peter’s grand piano, believing it to be worth £25,000, though Peter believes that its value is only about £16,000, though he has not disclosed this information to Sue. On discovering these facts shortly afterwards, Sue wishes to take proceedings for the outstanding Balance plus interest.