Question
Consider the following statements: Statement (I):
A promise made in writing to pay a debt barred by limitation is invalid. Statement (II): A promise to compensate for something done is valid.Solution
Contract Act: Section 25:Â Â Agreement without consideration, void, unless it is in writing and registered, or is a promise to compensate for something done, or is a promise to pay a debt barred by limitation law: (2) it is a promise to compensate, wholly or in part, a person who has already voluntarily done something for the promisor, or something which the promisor was legally compellable to do; or unless.
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