Consideration Flashcards
1
Q
PreExisting Duty Rule (Modifications under Common Law)
A
A promise to do something you are already legally obligated to do (generally, or based on a prior contract) is NOT CONSIDERATION
2
Q
Exceptions to Preexisting Duty Rule
A
- Change in performance - makes this K different (new C)
- Third party promising to pay
- Unforeseen difficulties that would excuse performance
3
Q
Is promising PARTIAL PAYMENT in exchange for a release from a DEBT binding?
A
NOT if the debt is currently due and the amount is undisputed. this would be a preexisting duty!
Otherwise (if debt not due yet) sure. This is not yet a preexisting duty.
4
Q
Rule for Modifications under UCC
A
Modification has to be in good faith
If so, binding even without consideration.
5
Q
Rule for Modifications under Common Law
A
PreExisting Duty Rule