Let’s suppose that: A,B,C (three debtors), each owe X (creditor) $100. One day, X agrees to waive his creditor’s rights.
After signing a contract, ABC are freed from debtors’ duty. Why? ABC didn’t give any consideration. So why can they enforce this contract? And how can this contract be legal?
I am not sure whether the above would be considered legal.Debt could only be properly discharged if in form of deed and properly witnessed,in my view, under English law.