Owen Once Owed Carl a $1,000 Debt,but the Statute of Limitations

question 20

Essay

Owen once owed Carl a $1,000 debt,but the statute of limitations ran on that obligation,discharging Owen.Later,Owen promises in writing to pay Carl the debt.Why is there no consideration for this promise? Why is it binding anyway? What additional requirement do some states impose to make the promise binding?

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Definitions:

Practical Application

The use of theoretical knowledge in real-world scenarios to solve problems or accomplish tasks.

New Idea

A novel concept, thought, or innovation that has not been proposed or thought of before.

Hydrogen-powered Car

A vehicle that uses hydrogen fuel cells to power its motor, emitting only water vapor as exhaust.

Final Blueprints

The detailed plans or drawings used as a guide for building or constructing something, typically representing the last version after all revisions have been made.