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MMLU / A debtor owed a creditor …

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

A debtor owed a creditor $12,000 under a promissory note. Under the applicable statute of limitations, a suit to collect on the promissory note had to have been filed by September 30 of last year. On June 1 of this year, the creditor received a letter from the debtor stating, "I shall pay you $5,000 on July 1 in full satisfaction of what I owe you. " However, the debtor failed to make the payment on July 1. If, on August 1, the creditor brings suit against the debtor and the debtor asserts the statute of limitations as an affirmative defense and refuses to pay the creditor anything, which of the following accurately states the creditor's legal rights against the debtor?
Plain-text mathematical notation (without MathML)
A debtor owed a creditor $12,000 under a promissory note. Under the applicable statute of limitations, a suit to collect on the promissory note had to have been filed by September 30 of last year. On June 1 of this year, the creditor received a letter from the debtor stating, "I shall pay you $5,000 on July 1 in full satisfaction of what I owe you. " However, the debtor failed to make the payment on July 1. If, on August 1, the creditor brings suit against the debtor and the debtor asserts the statute of limitations as an affirmative defense and refuses to pay the creditor anything, which of the following accurately states the creditor's legal rights against the debtor?
Original LaTeX notation
A debtor owed a creditor $12,000 under a promissory note. Under the applicable statute of limitations, a suit to collect on the promissory note had to have been filed by September 30 of last year. On June 1 of this year, the creditor received a letter from the debtor stating, "I shall pay you $5,000 on July 1 in full satisfaction of what I owe you. " However, the debtor failed to make the payment on July 1. If, on August 1, the creditor brings suit against the debtor and the debtor asserts the statute of limitations as an affirmative defense and refuses to pay the creditor anything, which of the following accurately states the creditor's legal rights against the debtor?

choices

  1. On June 1 the creditor became entitled to a judgment against the debtor for $5,000 only.
  2. On July 1, not June 1, the creditor became entitled to a judgment against the debtor for $5,000 only.
  3. On July 1, not June 1, the creditor will be entitled to a judgment against the debtor for$12,000.
  4. The creditor is not entitled to anything, on either June 1 or on July 1.

subject

professional_law

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Source and history

task_id
17976cf6-3233-57bf-b02c-bc7f0768f7c2
task_key
all--test--17976cf6-3233-57bf-b02c-bc7f0768f7c2
task_revision_id
1
config / split
all / test

Official source

initial import