preexisting duty rule
noun
pre·exist·ing duty rule
: a common-law rule of contracts: a party's offer of a performance already required under an existing contract is insufficient consideration for modification of the contract
Note: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It is also not applicable where there has been a rescission of the contract followed by a new contract.
Dictionary Entries Near preexisting duty rule
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“Preexisting duty rule.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/preexisting%20duty%20rule. Accessed 26 Nov. 2024.
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