BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -statute of limitations Specifies a time limit for bringing a lawsuit. 3. Why would a pledge to a charitable organization be enforced when the promisor receives no consideration? Courts generally enforce such promises provided the charity states a specific use for the money and acts in reliance on the pledge.

Detailed explanation-2: -(2) Each of the said periods of twenty years shall be taken to be a period ending within two years next before the institution of the suit wherein the claim to which such period relates is contested.

Detailed explanation-3: -An exception to this rule is where there is a duty owed to a third party. An act done before the giving of a promise to make a payment or to confer some other benefit can sometimes be consideration for the promise.

Detailed explanation-4: -Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.