Contract Law: The Pre-Existing Duty Rule
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The pre-existing duty rule is a corollary to the requirement of consideration. Because consideration that makes contracts enforceable must be “bargained for,” consideration cannot consist of performance that the party had a pre-existing duty to perform. If the party was legally required to do something in any case, then agreeing to do that very thing is not new consideration that needs to have been “bargained for” by the other party. Therefore, a party’s offer of a performance already required under an existing contract, employment term or law is insufficient consideration for a new contract or the modification of an existing contract.
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Видео Contract Law: The Pre-Existing Duty Rule канала LawShelf
The pre-existing duty rule is a corollary to the requirement of consideration. Because consideration that makes contracts enforceable must be “bargained for,” consideration cannot consist of performance that the party had a pre-existing duty to perform. If the party was legally required to do something in any case, then agreeing to do that very thing is not new consideration that needs to have been “bargained for” by the other party. Therefore, a party’s offer of a performance already required under an existing contract, employment term or law is insufficient consideration for a new contract or the modification of an existing contract.
National Paralegal College offers undergraduate programs leading to a paralegal certificate, paralegal associate’s degree, bachelor’s degree in legal studies, bachelor’s degree in business administration, or joint program in legal and business studies. In addition, the graduate division of NPC offers a Master of Science in Legal Studies, a Master of Science in Compliance Law, and a Master of Science in Taxation. Start your 2-week no-cost trial enrollment today: https://nationalparalegal.edu/ApplicationSelect.aspx
Видео Contract Law: The Pre-Existing Duty Rule канала LawShelf
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