Why is partial payment of a past-due debt not consideration, Business Law and Ethics

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Why is partial payment of a past-due debt not consideration

Question: 1. Why is partial payment of a past-due debt not consideration to support a creditor's promise to cancel the whole debt?

2. If a boy promises his father that he will not own and operate an automobile until he is 18 in exchange for his father's promise to pay him $2,000, is this a valid contract?

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Business Law and Ethics: Why is partial payment of a past-due debt not consideration

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Business Law and Ethics: Why is partial payment of a past-due debt not consideration

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