preexisting duty rule

preexisting duty rule
pre·exist·ing duty rule n: 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
◇ 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.

Merriam-Webster’s Dictionary of Law. . 1996.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • Contract — law …   Wikipedia

  • Foakes v Beer — House of Lords Entschieden am 1. April 1884 Vollständiger Name: John Weston Foakes v Julia Beer Fundstellen …   Deutsch Wikipedia

  • Consideration under American law — Contract law Part o …   Wikipedia

  • Special Report — ▪ 1996       The Contract with America       BY NINA MASSEN       Fortified with a significant electoral victory on Election Day 1994, Republican leader Newt Gingrich, the new speaker of the U.S. House of Representatives, initiated a 10 point… …   Universalium

  • Asia — /ay zheuh, ay sheuh/, n. a continent bounded by Europe and the Arctic, Pacific, and Indian oceans. 2,896,700,000; ab. 16,000,000 sq. mi. (41,440,000 sq. km). * * * I Largest continent on Earth. It is bounded by the Arctic Ocean, the Pacific Ocean …   Universalium

  • arts, East Asian — Introduction       music and visual and performing arts of China, Korea, and Japan. The literatures of these countries are covered in the articles Chinese literature, Korean literature, and Japanese literature.       Some studies of East Asia… …   Universalium

  • Insider trading — is the trading of a corporation s stock or other securities (e.g. bonds or stock options) by individuals with potential access to non public information about the company. In most countries, trading by corporate insiders such as officers, key… …   Wikipedia

  • ancient Rome — ▪ ancient state, Europe, Africa, and Asia Introduction       the state centred on the city of Rome. This article discusses the period from the founding of the city and the regal period, which began in 753 BC, through the events leading to the… …   Universalium

  • Common law — For other uses, see Common law (disambiguation). Common law (also known as case law or precedent) is law developed by judges through decisions of courts and similar tribunals rather than through legislative statutes or executive branch action. A… …   Wikipedia

  • Judaism — /jooh dee iz euhm, day , deuh /, n. 1. the monotheistic religion of the Jews, having its ethical, ceremonial, and legal foundation in the precepts of the Old Testament and in the teachings and commentaries of the rabbis as found chiefly in the… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”