F4 Waiver of existing rights

This topic has 1 reply, 2 voices, and was last updated 8 years ago by mrjonbain.

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March 26, 2017 at 9:11 am #379290
Anonymous
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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?
June 12, 2017 at 7:20 am #392816
mrjonbain
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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.
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