Examlex
The promise or obligation of each party to a contract must be supported by consideration in order for the contract to be valid.
Existing Duty
An obligation that a party is already legally bound to under the terms of a contract or by law.
Quantum Meruit
A legal principle where a person is compensated for services or goods provided when no contract exists, based on the value of the work done.
Satisfaction of Debt
The fulfillment or payment of a debt in its entirety, releasing the debtor from further obligations.
Common Law
A legal system based on customs and court rulings rather than written laws, where the principle of precedent guides future judicial decisions.
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