Promise to pay a time barred debt given in writing is______a)Validb)Enforceablec)Voidd)VoidableCorrect answer is option 'A'. Can you explain this answer?

Question

Answer

Every signed document Given by the person payable to the person reciveable in promissory written note is valid!

Answer

A written promise to pay a time-barred debt is valid and enforceable. This means that even if the debt is no longer legally recoverable due to the expiration of the statute of limitations, the promise can still be upheld in court.

Answer

Valid

A promise to pay a time-barred debt given in writing is considered valid. Here's why:

Definition of a time-barred debt:
A time-barred debt refers to a debt that is past the statute of limitations, which is the time period within which a creditor can file a lawsuit to collect a debt. Once the statute of limitations has expired, the creditor can no longer sue the debtor to collect the debt.

Explanation of the answer:
In this scenario, the debtor has given a promise to pay the time-barred debt in writing. While the debt itself may be unenforceable due to the expiration of the statute of limitations, the promise to pay is still considered valid for several reasons:

1. Legal validity of a contract:
A promise to pay a debt, even if time-barred, can still be considered a contract. To form a valid contract, certain elements must be present, such as an offer, acceptance, and consideration. In this case, the promise to pay the debt in writing satisfies the requirement of an offer, and if the creditor accepts the offer, it forms a valid contract.

2. No prohibition on promises to pay time-barred debts:
There is no specific legal prohibition against making promises to pay time-barred debts. As long as the promise is made voluntarily and in writing, it can be legally enforceable. However, it's important to note that the creditor cannot take legal action to collect the time-barred debt itself. They can only enforce the promise to pay if the debtor fails to fulfill it.

3. Potential for a new agreement:
By making a promise to pay a time-barred debt, the debtor and creditor may be entering into a new agreement. This new agreement can potentially revive the debt and restart the statute of limitations. However, the revival of a time-barred debt depends on the laws of the specific jurisdiction and any applicable legal defenses.

Conclusion:
While the time-barred debt itself may be unenforceable, a promise to pay the debt given in writing is considered valid. However, it's important for debtors to understand their rights and obligations regarding time-barred debts and consult with a legal professional if they have any questions or concerns.

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