Question

Florida Statutes: Title VIII, Chapter 95. Limitations of Actions:

95.04 Promise to pay barred debt.—An acknowledgment of, or promise to pay, a debt barred by a statute of limitations must be in writing and signed by the person sought to be charged.

Rare Example of An Equitable Remedy Created by a Statute

Explain Why This is an Equitable Remedy.

Answer 1

This is an equitable remedy because of the fact that it is open to a person to renounce the benefit of a law that is made for his/her protection. It should be noted that equitable remedies are judicial remedies that are developed so as to provide more flexible responses in the context of changing social conditions. This flexibility will not be possible in case of precedent-based common law. In an equitable remedy the court orders the defendant to perform his/her part of the contract and the defendant is not let off just by imposing a fine.

With regards to Promise to pay barred debt as per Florida Statutes: Title VIII, Chapter 95 statute of limitations refer to a law that sets the time within which parties must take action to enforce their rights. Here payment on a debt that is barred by the statute of limitations without an acknowledgement of the balance of debt as existing and a willingness to pay the debt will not take it out of statute.