Consideration

Question 1

PreExisting Duty Rule (Modifications under Common Law)

Answer 1

A promise to do something you are already legally obligated to do (generally, or based on a prior contract) is NOT CONSIDERATION

Question 2

Exceptions to Preexisting Duty Rule

Answer 2

1. Change in performance - makes this K different (new C)
2. Third party promising to pay
3. Unforeseen difficulties that would excuse performance

Question 3

Is promising PARTIAL PAYMENT in exchange for a release from a DEBT binding?

Answer 3

NOT if the debt is currently due and the amount is undisputed. this would be a preexisting duty!

Otherwise (if debt not due yet) sure. This is not yet a preexisting duty.

Question 4

Rule for Modifications under UCC

Answer 4

Modification has to be in good faith

If so, binding even without consideration.

Question 5

Rule for Modifications under Common Law

Answer 5

PreExisting Duty Rule