- This topic has 1 reply, 2 voices, and was last updated 2 years ago by
.
- Posts
Which of the following CANNOT constitute valid consideration for the purposes of forming a legally binding contract with the offeror?
A Acknowledgment of past payment
B A promise to assist in an illegal act
C A promise to pay the offeror in the future
D A promise to complete a pre-existing duty owed to a third partyThe answer is B Ofc. But how is A a valid consideration. Can you explain with an example?
“Can you explain with an example?”
Very simply, no! I’m not even sure what an “Acknowledgment of past payment” is!
I have, in my mind, the possibility of the resurrection of a statute-barred debt. Where a debt has existed for in excess of 6 years (simple contract – 12 years for specialty contract) and the debtor writes to the creditor and says something like “Aha! I owed you money 6 years and 2 months ago and you have failed to collect it. So now it’s statute barred. Ha ha ha”
I’m wondering if that’s the situation that we’re looking at here. Because such a message will resurrect the debt even though it has existed for greater than six years.
Otherwise, I don’t recognise the expression.
Sorry
- You must be logged in to reply to this topic.