Leonard kranzler loaned lewis saltzman $100,000. saltzman made fifteen payments on the loan, but this did not repay the entire amount. more than ten years after the date of the loan, but less than two years after the date of the last payment, kranzler filed a suit against saltzman to recover the outstanding balance. saltzman claimed that the suit was barred by a ten-year statute of limitations. does kranzler need to prove a new promise with new consideration to collect the unpaid debt?

Varto company has 9,400 units of its sole product in inventory that it produced last year at a cost of $23 each. this year’s model is superior to last year’s, and the 9,400 units cannot be sold at last year’s regular selling price of $42 each. varto has two alternatives for these items: (1) they can be sold to a wholesaler for $8 each, or (2) they can be reworked at a cost of $251,100 and then sold for $34 each. prepare an analysis to determine whether varto should sell the products as is or rework them and then sell them.