Contracts Binding Without Consideration Include Promises to Pay Debts Barred

question 57

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:

Right of Action

The legal right to sue or pursue a lawsuit to enforce a right or claim damages.

Assignment

The transfer of rights, property, or obligations from one party to another, often seen in contexts like contracts, leases, or financial agreements.

Duties Completed

Refers to responsibilities or tasks that have been successfully fulfilled or accomplished.

Contractual Rights

Legal entitlements inherent in a contract that allow parties to perform or enforce the terms agreed upon.