Raphael, Who Owes $10,000 to His Credit Card Company, Sends

Multiple Choice

Raphael, who owes $10,000 to his credit card company, sends a check to the credit card company for $50 and marks the check "paid in full." The credit card company inadvertently cashes the check, but the mistake is caught two weeks later and they offer to repay Raphael his $50. Raphael does not respond. Does accord and satisfaction exist?

A) Yes, because the bank cashed the check and this is sufficient for accord and satisfaction.
B) Yes, because Raphael did not accept the bank's offer for repayment.
C) Yes, because the bank has to offer a refund to Raphael within one week to avoid accord and satisfaction.
D) No, because the $50 payment accounted for less than 10 percent of the balance due.
E) No, because the bank offered to repay the money in a timely manner.