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-Refer to Exhibit 10-1.At all points on the 45-degree line,
Preexisting Duty
An obligation that one is already legally bound to perform, which cannot serve as consideration for a new contract.
Extortion
The act of obtaining something, especially money, through force or threats.
Preexisting Duty
Preexisting Duty is a legal principle stating that an action or service required by an existing contract cannot serve as consideration for a new contract.
Promissory Estoppel
A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.
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