Stan purchased 400 pairs of gloves from Isaac at a contract price of $800. Fifty...
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Accounting
Stan purchased pairs of gloves from Isaac at a contract price of $ Fifty of the gloves were defective, and a dispute arose as to the amount due and owing under the contract. Stan refuses to pay the $ and Isaac is threatening to sue. Which of the following is correct with regard to this transaction?
If Isaac agrees to accept $ to settle the dispute and Stan agrees to pay that amount, the substitute agreement is enforceable.
If Isaac agrees to accept $ to settle the dispute and Stan pays that amount, Isaac can still sue for the balance of $ and will win the lawsuit.
Stan is under a preexisting legal obligation to pay the $
Stan must return the defective gloves to Isaac, who must replace them. Then, Stan must pay the $
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