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|The world is drowning in debt, in paper promises. Can we stay afloat? In his masterful new book, Philip Coggan shows how the current financial crisis has very deep roots indeed - in the very nature of money itself.|
|which he receives nothing in return) to pay the now-barred debt, is this promise |
enforceable? Most courts agree that it is enforceable, even though there is no
consideration. B. “Moral consideration”: Some courts justify making such a
|Case 3(c), the promise to make good a debt unenforceable by reason of minority, |
is however still a valid exception to the ... that every such acknowledgment shall
be in writing and shall be signed by the person making the acknowledgment.
|statute of fraud* under consideration, says: "If the real substance of the promise |
be to perforin some duty or obligation of the party making the promise, It Is not
within the statute, though In form It Is a promise to pay another's debt, and the
|Debt promises involve promises to pay fixed dollar (that is, cash) amounts at fixed |
dates in the future. ... Unlike debt promises, they make no specific promises about
either the size of cash payments or their timing. Although the claim is over the
residual value of the business, and therefore subordinated to the interests of
holders of any debt promises made by the business, equity promises also may be
|These situations include promises to pay debts barred by the statute of limitations|
, debts discharged in bankruptcy, and voidable obligations. ... consideration be
given in exchange for a promise to make it binding is a promise to pay a debt that
has been discharged in bankruptcy. ... For example, if the new promise is made
without knowledge of the original fraud or by a minor before reaching the age of ...
|that come within the ambit of promises enforceable without consideration, |
detrimental reliance or an otherwise operative formalistic ... the promisor had
promised to perform but his duty was voidable under a rule designed to protect
him and he makes a new promise to ... of situations that may be said to create
moral obligations of greater significance than ordinary debts barred by the statute
|But he may demand, with the securities, the note itself, or a transfer of the debt, if |
this be necessary to make the ... The promise to pay the debt of another, like
every other promise known to the law, must rest upon a good consideration, or it
cannot be enforced by legal process. ... In general, the distinction is made thus : if
the original debt and the guaranty were simultaneous, or go connected that they
|Promises. It only makes common sense that the people who work every day in |
the collection business would be responsive to debtors who voluntarily play by
the rules. ... If you make a promise, keep your promise. Everyone in debt trouble
wants to know the special words that are going to get a collector off his or her
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