1. junior owes creditor iba $1,000, which is due and payable on june 1. junior has been in a car accident, has missed a great deal of work, and consequently will not have the funds on june 1. junior’s father, fred, offers to pay iba $1,100 in four equal installments if iba will discharge junior from any further liability on the debt. iba accepts. is this transaction a novation or an accord and satisfaction? what if fred defaults on his payments to iba? who can iba sue if she does not receive payment? explain. does this transaction have the required contractual consideration?