Question 1

After graduating from the ParalegalTech Institute and working for one of the most prestigious law firms in New York City, Mark decides that he would like to go to law school. Mark applies and is accepted to the New York City School of Law. The school agrees to lend Mark the $10,000 per year in tuition on the condition that he pay the $30,000 back within two years of his graduation. Mark graduates from Law School on June 1st, 2001 and he must pay back the $30,000 by June 1st, 2003. Mark does not have the $30,000 on June 1st, 2003 but on June 15th, 2003, he contacts the school and offers to pay $20,000 if the school agrees to accept the $20,000 in full satisfaction of Mark's debt. The school agrees and Mark sends them a check for $20,000. The day the school receives the check, they file suit against Mark for the other $10,000. The school will probably:

Question 2

After graduating from the ParalegalTech Institute and working for one of the most prestigious law firms in New York City, Mark decides that he would like to go to law school. Mark applies and is accepted to the New York City School of Law. The school agrees to lend Mark the $10,000 per year in tuition on the condition that he pay the $30,000 back within two years of his graduation. Mark graduates from Law School on June 1st, 2001 and he must pay back the $30,000 by June 1st, 2003. On June 1st, 2002, Mark contacts the school and offers to pay $20,000 by January 1st, 2003 if the school agrees to accept the $20,000 in full satisfaction of Mark's debt. The school agrees and Mark sends them a check for $20,000. The day the school receives the check, they file suit against Mark for the other $10,000. The school will probably:

Question 3

After graduating from the ParalegalTech Institute and working for one of the most prestigious law firms in New York City, Mark decides that he would like to go to law school. Mark applies and is accepted to the New York City School of Law. Mark applies for a financial aid package to help pay the $10,000 per year in tuition and the school gives Mark a $30,000 package. Although the letter informing Mark of the financial aid package is not clear, Mark is under the impression that the $30,000 is a scholarship that he does not have to pay back. The school is under the impression that the $30,000 is a loan that must be paid back. Mark graduates from Law School on June 1st, 2001 and, on June 1st, 2003 he receives a letter from the school informing him that he must repay the $30,000. Mark refuses, maintaining that the $30,000 was a scholarship that did not have to be repaid. The school threatens to sue Mark for the money. Making an attempt to compromise, Mark offers to pay the school $15,000 if the school agrees to accept the money in full satisfaction of the debt they claim Mark owes them. The school agrees and Mark sends them a check for $15,000. The day the school receives the check, they file suit against Mark for the other $15,000. The school will probably:

Question 4

After graduating from the ParalegalTech Institute and working for one of the most prestigious law firms in New York City, Mark decides that he would like to go to law school. Mark applies and is accepted to the New York City School of Law. Mark applies for a financial aid package to help pay the $10,000 per year in tuition and the school gives Mark a $30,000 package. Although the letter informing Mark of the financial aid package is not clear, Mark is under the impression that $10,000 of the $30,000 is a scholarship that he does not have to pay back and the remaining $20,000 is a loan. The school is under the impression that the entire $30,000 is a loan that must be paid back. Mark graduates from Law School on June 1st, 2001 and, on June 1st, 2003 he receives a letter from the school informing him that he must repay the $30,000. Without talking with the school, Mark writes out a check for $20,000, writes "in full payment of the debt" on the front of the check and mails it to the school. The day the school receives the check, they cash it and file suit against Mark for the remaining $10,000 of their claim. The school will probably: