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Explain the Preexisting Duty Principle in Private Sector Contracts

question 48

Essay

Explain the preexisting duty principle in private sector contracts.

Discuss specific transactions that are enforceable without consideration (e.g., promissory estoppel, moral obligations).
Discriminate between enforceable promises and non-binding promises such as illusory promises and past consideration.
Understand the legal concepts related to substituted contracts and their effects on original agreements.
Understand the enforceability of agreements within the American legal system.

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