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:

Obedience

The act of following orders or commands from those in authority, often studied within social psychology to understand how individuals respond to authority figures.

Implicit Prejudice

Unconscious biases or attitudes towards certain groups of people, which can influence behavior without the individual being aware of it.

Mere Exposure Effect

The phenomenon that repeated exposure to novel stimuli increases liking of them.

Other-Race Effect

The tendency to recall faces of one’s own race more accurately than faces of other races. Also called the cross-race effect and the own-race bias.