Assumption of time-barred debt: is it enforceable without consideration?

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Multiple Choice

Assumption of time-barred debt: is it enforceable without consideration?

Explanation:
A time-barred debt can be revived and enforced through a signed written promise to pay, even without new consideration. The crucial point is that the debtor’s acknowledgment or promise, in writing and signed, acts as a new promise that tolls the statute of limitations and brings the claim back within enforceable limits. The promise itself doesn’t need fresh consideration to be binding; the writing is what makes revival effective. If there’s no signed writing, the debt generally cannot be enforced.

A time-barred debt can be revived and enforced through a signed written promise to pay, even without new consideration. The crucial point is that the debtor’s acknowledgment or promise, in writing and signed, acts as a new promise that tolls the statute of limitations and brings the claim back within enforceable limits. The promise itself doesn’t need fresh consideration to be binding; the writing is what makes revival effective. If there’s no signed writing, the debt generally cannot be enforced.

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