Question
Antonio borrows 5000$ from Shylock. Unfortunately, because he cares so little for money, Shylock fails to take action on this loan for 10 years, during
Antonio borrows 5000$ from Shylock. Unfortunately, because he cares so little for money, Shylock fails to take action on this loan for 10 years, during this time the applicable statutes of limitations runs out, barring Shylock from successfully suing Antonio to collect his debt. However, Antonio tells him dont worry i am a man of my word, ill pay back the debt even tho the statues of limitations has run out". The next day Shylock sues Antonio for the 5000$, Antonio argues that the promise to pay back the debt is unenforceable because it was unsupported by consideration. Is he correct? Explain.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started