Asked by Devyn Smallwood on Jul 22, 2024
Verified
A promise to pay a previous debt barred by a statute of limitations can be enforced without consideration.
Statute of Limitations
A law that sets the maximum time after an event within which legal proceedings may be initiated.
Previous Debt
An obligation or a financial liability that was incurred before the current period or transaction being considered.
- Identify the conditions under which a promise to pay a previous debt is enforceable.
Verified Answer
EZ
Enzio ZunigaJul 23, 2024
Final Answer :
True
Explanation :
A promise to pay a debt that is no longer enforceable due to the expiration of the statute of limitations can still be made enforceable if the debtor acknowledges the debt and promises to pay it. This is because the law recognizes the moral obligation as a sufficient substitute for consideration in such cases.
Learning Objectives
- Identify the conditions under which a promise to pay a previous debt is enforceable.
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