Nancy owed Sharon $1,500, but Sharon did not initiate a lawsuit to collect the debt within the time period prescribed by the statute of limitations. Nevertheless, Nancy promises Sharon that she will...

Nancy owed Sharon $1,500, but Sharon did not initiate a lawsuit to collect the debt within the time period prescribed by the statute of limitations. Nevertheless, Nancy promises Sharon that she will pay the barred debt. Thereafter, Nancy refuses to pay. Sharon brings suit to collect on this new promise. Is Nancy’s new promise binding? Explain. .