Reference no: EM131751434

Your client, Karina Boscov, borrowed $200,000 from Ellen Daniels on March 1, 2017 and used the money to expand her business. Ms. Boscov signed a promissory note in which she agreed to repay the loan on March 1, 2018. Ms Daniels has had some recent financial difficulties, is in need of cash, and phoned Ms. Boscov and made the following offer:Ms Daniels promised that if Ms. Boscov paid her &100,000 as full satisfaction of Ms boscov's obligation to pay $200,000. Ms Boscov is very interested in the proposal. Although she will have to struggle a bit to pay the money back now, Ms.Boscov wants to be certain that she would be able to save $100,000 by paying $100,k000 by Dec.1, 2017. Ms. Boscov wanted Ms. Daniels to put her promise in writing, but when she suggested it , Ms.Daniels said that her word was good and was offended that Ms. Boscov would suggest that she could not be trusted. Ms. boscov has asked for your advice as to whether she should accept Ms. Daniel's offer. Please prepare memo to Ms.Boscov advising her on this matter. Your memo should specifically deal with and explain the issues of :1) whether Ms. Daniel's promise will be binding and enforceable and 2) whether the fact that her promise will not be in writing will be a problem.