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.

---

Definitions:

Broadbands

A compensation structure that consolidates many narrow pay grades into fewer, wider bands, allowing more flexibility in job roles and pay adjustments.

Salary Grades

A method of organizing employees into levels or bands based on their salary ranges, qualifications, or responsibilities.

Competency-Based Compensation

A pay system where employees are compensated based on their skills, knowledge, and performance, rather than job title or seniority.

Specific Jobs

Employment positions defined by particular tasks, responsibilities, and requirements unique to the role.