A debtor who promises to pay a previous debt even though recovery is barred by a statute of limitations makes an enforceable promise.

Question

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A debtor can make an enforceable promise to pay an old debt, even if the statute of limitations has expired. This type of promise is known as a "renunciation" or "new promise," and it can reset the clock on the statute of limitations, making the debt owed again. However, for the promise to be enforceable, it must be made in writing and signed by the debtor.

A Debtor Who Promises to Pay a Previous Debt Even