Examlex
Find the next three terms of the geometric sequence.
3, 9, 27,...
Preexisting Duty
An obligation that a party is already legally required to perform, which cannot serve as valid consideration for a new contract.
Valid Consideration
Something of value exchanged between parties in a contract, which is necessary for the contract to be legally enforceable.
Unilateral Contract
An agreement in which one party makes a promise in exchange for the other party's action but does not require a reciprocal promise to act.
Preexisting Duty Rule
A legal principle that states an existing duty cannot serve as consideration for a new contract, but modifications can occur if additional or new consideration is provided.
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