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with figures reflecting "the amount due for the settlement."
Mr. McWade called Mr. Cravens back on December 15, 1986.
On December 16, 1986, Mr. Cravens wrote to Mr. McWade
confirming the terms of his settlement as follows:
Dear Ken:
As per our telephone conversation 12/15/86, I am
enclosing a check for $10,678.67. According to the
amount we agreed on via telephone, the figures break
down like this:
Deficiency for 1979 and 1980 $9,782.16
Less cash bond 4,508.00
Total 5,274.16
Plus 1.02474 interest 5,404.51
Total due 10,678.67
I wish to thank you for being so agreeable and
assisting me in settling this matter.
Mr. Cravens' payment of $10,678.67 on December 16, 1986, was
processed on December 31, 1986, pursuant to a payment posting
voucher bearing Mr. McWade's initials. The payment posting
voucher provided for the application of the funds as follows:
Year Advance Payment Designated Interest
1979 $3,000.00 $3,000.00
1980 2,274.16 2,404.51
Total 5,274.16 5,404.51
Mr. Cravens believed his settlement assured that he could
neither win nor lose at the trial of the test cases. At the time
that he entered into his settlement, Mr. Cravens was not aware
that Mr. McWade intended to allow the Cravenses the better of the
above-described settlement or the outcome based upon the Court's
opinion following the trial of the test cases.
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