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A debtor owes an unsecured creditor £5,000 due to be repaid today. The debtor tells the creditor that he can only repay £4,000 and asks that the creditor agree to this being in full and final settlement of the whole amount. Fearing that the debtor, who also has other unsecured creditors, is about to be made bankrupt, the creditor agrees.
Can the creditor enforce the payment of the remaining £1,000?
A. Yes, because the agreement to accept less than the full amount was extracted under duress.
B. Yes, because the debtor provided no consideration in return for the agreement to accept less than the full amount.
C. No, because the creditor has waived entitlement to claim the full amount.
D. No, because the creditor obtained a legal benefit in receiving £4,000 rather than nothing.
E. No, because the creditor obtained a practical benefit in receiving £4,000 rather than nothing.
B - Yes, because the debtor provided no consideration in return for the agreement to accept less than the full amount.
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Find out what happens after passing the SQE and admission to the roll of solicitors.