A Promise to Pay a Debt Discharged by the Statute

question 23

True/False

A promise to pay a debt discharged by the statute of limitations is unenforceable because the debtor has received no new consideration.

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Definitions:

Days Past Due

The number of days that have elapsed since a payment or obligation was due.

Time Limit

A specific period within which something needs to be completed or achieved.

Specific Debt

The amount of debt (financial obligation) an entity owes relative to its income or revenue.

One Charge

Typically refers to a single financial cost or fee for a service or product.