When Joe was in college, he regularly loaned a friend, Bob, money because Bob's family was poor and couldn't afford to send him money.Over the course of four years, Joe loaned Bob hundreds of dollars.Bob always thanked Joe and promised to pay him back one day.

Now both men are in their late 40's and Bob is a mulit-millionaire.Joe has been laid off from his job and his family is struggling.He contacts Bob and asks if Bob can repay the loan from college.Bob said he was not legally obligated to do so because those loans took place over 20 years ago.

Do you agree?Is Bob legally required to repay his debts?