In October 2008 Miss Kin borrowed RM3,000 from Kah Yah. Miss Kin promised to repay the loan within three months. However, she was unable to repay the full amount.After some negotiation in February of this year, Kah Yah agreed to accept RM1,000 from Miss Kin in full settlement of the debt. Miss Kin promptly paid the amount of RM1,000 to Kah Yah. However, much to her surprise, Miss Kin has just received a letter from Kah Yah demanding the balance of the loan, amounting to RM2,000.Required:Advise Miss Kin on the validity of Kah Yah’s claim for the balance of RM2,000. (5 marks)