LAW 505-002 – Contracts I

Restatement Second of Contracts § 82


Promise to Pay Indebtedness; Effect on the Statute of Limitations

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  1. A promise to pay all or part of an antecedent contractual or quasi-contractual indebtedness owed by the promisor is binding if the indebtedness is still enforceable or would be except for the effect of a statute of limitations.
  2. The following facts operate as such a promise unless other facts indicate a different intention:
    1. A voluntary acknowledgment to the obligee, admitting the present existence of the antecedent indebtedness; or
    2. A voluntary transfer of money, a negotiable instrument, or other thing by the obligor to the obligee, made as interest on or part payment of or collateral security for the antecedent indebtedness; or
    3. A statement to the obligee that the statute of limitations will not be pleaded as a defense.