In the actual case on which this problem is based, the court entered a judgment for the unpaid debt in Kranzler’s favor — Leonard loaned Lewis Saltzman 100 000 made fifteen

No, Kranzler does not need to prove a new promise with new consideration to collect the unpaid debt. A statute of limitations requires a creditor to sue within a specified period to collect a debt. If the creditor fails to sue in time, recovery is barred by the statute. Even if recovery is barred by the statute, a debtor who promises to pay the debt makes an enforceable promise. This promise does not need new consideration. The promise extends the limitations period, and the creditor can sue to recover. The promise can be implied if the debtor acknowledges a barred debt by making a partial payment. Under these principles, each time a debtor makes a payment, the statute of limitations begins to run anew, even if a period of time equal to the statutory period has elapsed from the time that the debt was incurred or the last, previous payment made.

In this problem, the statute of limitations prescribed a ten-year limit on a suit to collect a debt. Saltzman borrowed $100,000 from Kranzler and made fifteen payments. Each one of the payments triggered a new ten-year limitation period. Kranzler filed his suit less than two years after the date of the last payment. This was well within the time limit.

In the actual case on which this problem is based, the court entered a judgment for the unpaid debt in Kranzler’s favor.