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Pre-existing Duty Rule
- Generally, performing a legal duty which is
- already owed under a contract does not constitute consideration, unless that duty
- is unclear or honestly disputed. That is, once a party agrees to do something
- under a contract, that party cannot change the terms without consideration and
- expect the new terms to be enforceable
Bargain for Exchange
- A mutual agreement or contract between two parties which is voluntary and
- involves the exchange of consideration (money, goods, services, or a promise
- for a promise).
Not fully performed on either side