Why is performing an existing legal duty not considered valid consideration?
Understand the Problem
The question is asking for an explanation of why performing an existing legal duty is not regarded as valid consideration in the context of contract law. The aim is to understand the implications of legal duties and their role in the formation of binding agreements.
Answer
Consideration requires a 'bargained for' exchange; fulfilling an existing duty does not provide a new benefit or detriment.
The final answer is that performing an existing legal duty is not considered valid consideration because consideration requires a 'bargained for' exchange. If a party is already obliged to perform a duty, fulfilling that obligation does not constitute a new benefit or detriment in the eyes of the law.
Answer for screen readers
The final answer is that performing an existing legal duty is not considered valid consideration because consideration requires a 'bargained for' exchange. If a party is already obliged to perform a duty, fulfilling that obligation does not constitute a new benefit or detriment in the eyes of the law.
More Information
In contract law, consideration is what each party brings to a contract as an inducement for the agreement. The pre-existing duty rule helps ensure that there is a genuine exchange of promises rather than one party merely promising to do something they are already obligated to do.
Tips
A common mistake is assuming that any promise or performance can be valid consideration, even when it involves fulfilling pre-existing obligations.
Sources
- Contract Law: The Pre-Existing Duty Rule - lawshelf.com
- Pre-existing duty rule - Wikipedia - en.wikipedia.org
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