Is nancys new promise binding

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Reference no: EM131377808

Nancy owed Sharon $1,500, but Sharon did not initiate a lawsuit to collect the debt within the time period prescribed by the statute of limitations. Nevertheless, Nancy promises Sharon that she will pay the barred debt.

Thereafter, Nancy refuses to pay. Sharon brings suit to collect on this new promise. Is Nancy's new promise binding? Explain.

Reference no: EM131377808

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