What is the effect of a partial payment?

In Mississippi, the effect of a partial payment in contract law is that it does not completely discharge the debt. Partial payment may suspend further collection efforts, but it does not extinguish the obligation of the debtor. This means that if the debt is not paid in full, the creditor retains the right to pursue the balance. Under Mississippi law, a partial payment will not revive a contract that has been discharged by a prior payment or otherwise. This means that if the original contract has expired because of a prior payment or some other event, the partial payment will not bring it back to life. Partial payments, however, may still be beneficial to both parties. For example, the debtor may be permitted to make partial payments in order to avoid the full financial burden of the debt and the creditor may be willing to accept the partial payment in order to obtain some of the money that is owed. In summary, the effect of a partial payment in Mississippi contract law is that it does not completely discharge the debt, but it may be useful to both parties in terms of providing a measure of relief from the full financial burden of the debt.

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What is the effect of a partial payment?

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