Venture Capital Corporation loans Wally $15,000 to start a new business. Wally does not pay, but Venture fails to sue within the time prescribed by the applicable statute of limitations. Wally's promise to pay the debt even though recovery is barred: A) needs new consideration.
B) needs no consideration.
C) is unenforceable regardless of any consideration.
D) needs legally sufficient and adequate consideration.

B) needs no consideration.

Explanation:

In this scenario, Wally's promise to pay the debt even though recovery is barred needs no consideration. This is mainly due to the fact that the Corporation failed to sue within the statute of limitation that was set. Meaning they can no longer sue Wally in order to recover the loan that was given to him. If they were to try and sue Wally now the lawsuit would just be dismissed with no consideration given.

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