We all take on too much. Often customers invest in their businesses with the hope that they will be able to advance only to find that the specific venture was not profitable and they are left with a pile of bills.
Let us take the example of a customer who had fallen on hard times and had outstanding bills to the tune of 25,000 dollars. One day, he came over to the vendor and said that although he didn’t really have any money to pay, he would somehow scrape together 10,000 dollars to pay him if he agreed to accept it as full payment. Afraid that he would otherwise not get paid at all, he agreed to this settlement. He paid the 10,000 dollars and the vendor signed a letter stating that his bill had been settled in full.
A few years later, the customer’s financial situation seems to have improved and the vendor would now like to collect the rest of the outstanding debt. Is there any way one can retract their past agreement to discharge his debt?
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