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Unformatted text preview: Preexisting duty: does not constitute legally sufficient consideration o Unforeseen difficulties: courts will sometimes allow exceptions to the preexisting duty rule o Rescission a remedy whereby a contract is cancelled and the parties are returned to the positions occupied before the contract May be effected through mutual consent, parties conduct, court decree Past consideration an act that takes place before the contract is made, cannot be consideration for a later promise o Noncompete agreement employee agrees not to work for competitors of the employer after employment relationship Access Organics, Inc. v. Hernandez : Noncompete agreement was considered invalid due to lack of consideration Illusory promises unenforceable promise with no bargained-for consideration o Gifts...
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This note was uploaded on 04/09/2012 for the course LAW LAW taught by Professor Ricks during the Spring '09 term at Rutgers.
- Spring '09