Contracts Binding Without Consideration Include Promises to Pay Debts Barred

question 15

True/False

Contracts binding without consideration include promises to pay debts barred by a statute of limitations and debts discharged in bankruptcy.

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Definitions:

Primarily Liable

The main responsibility or obligation to pay a debt or fulfill a contractual duty.

Secondary Liability

Legal responsibility imposed on a party for the actions of another, based on a relationship or specific circumstances.

Unconditionally Promise

A commitment made without any stipulations or requirements, offering a guarantee without any terms for fulfillment.

Notice Of Dishonor

A formal notification indicating that a negotiable instrument, like a check, has been dishonored or refused for payment.