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Judd notices that every time he is in a bookstore,he spends more time browsing through the new books in the nonfiction section than looking at the latest novels and best-sellers.Consequently,Judd decides he must really prefer nonfiction books.What does this example illustrate
Preexisting Duty Rule
A legal principle stating that an existing contractual obligation cannot serve as consideration for a new contract.
Bilateral Contract
A bilateral contract is a mutually binding agreement in which each party makes a promise to the other, such as a promise to perform a service in exchange for payment.
Illusory Promise
Describes a statement or agreement that appears to be a promise but is too vague or has terms that allow the promisor to avoid any real obligation.
Consideration
Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
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