I thought I would respond to this post as a disinterested party:
that definitely needs clarifying...
if he offers 40% and the offer is accepted.. the bet is won?...
i am under the assumption.. all obligations must be paid in full
or was it this post:
i didn't read the whole thread
maybe I should read the whole thread
nah, assumptions are better than reading
See, I actually read this thread out of curiosity. I don 't feel like searching for it, bet MNW made a post in this thread about some percent payout greater than 40 clearly being a default and any agreement not being made under duress. I believe he used an example of someone offering to take less in order to get their coins sooner. In that example, I believe he also pointed out that there were countless things that could happen and that's why this isn't tied to specific examples.
Regardless, as to the assumption made: if you owe Bob x BTC, and Bob forgives any portion of that debt while you are willing and able to pay it, you don't owe Bob x BTC any more and you didn't default (your obligation becomes what he didn't forgive or 0 if he forgave it all).
Edit: Formatted for clarity, additional point added.