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Surname 1 Student’s Name Instructor’s Name Course Code Date Business Law Chapter 10 Preexisting Duty Tuan's claim is supported by the preexisting duty rule of law. It is based on the requirements of a consideration. A consideration exists when something of legal value is given, and a bargained for exchange takes place. In this instance, a promise exists: Lewis would be given a payment of $3,000 on winning the race. Additionally, Tuan is under an obligation to pay this amount. However, there was no new consideration given. Hence, the promise is unenforceable. Past Consideration Fred cannot be held liable in contract for the help accorded to his son. In this case, the assistance provided to Daniel represents a past consideration; it was given before the existence of a contract between Fred and the couple. Considering that the couple had already assisted Daniel, the promise made by Fred cannot induce this consideration. Furthermore, the couple practiced their moral obligation by assisting Daniel. Moral obligation is not a representation of any legal
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  • Spring '16
  • Dr. samuel
  • Law, Arbitration, Daniel, Tuan

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