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Forbearance to Sue
An agreement between a creditor and a debtor in which the creditor agrees not to sue the debtor for a specified period of time.
Statute of Limitations
A law that sets the maximum period one can wait before filing a lawsuit, depending on the type of case or claim.
Consideration
The value (such as money, services, or goods) that is exchanged between parties in a contract, serving as the essential reason for a party entering into a legal agreement.
Binding Requirement
A legal or formal obligation that parties must adhere to.
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