Preexisting Duty Rule Law and Legal Definition
Preexisting duty rule is a common-law rule of contract. It says that the rule that performance of an act by which a party is already contractually bound to perform does not constitute valid consideration for a new promise. In other words, a party's offer of a performance already required under an existing contract is an insufficient consideration for modification of the contract.
For example, if a builder agrees to construct a building for a specified price but later threatens to walk off the job unless the owner promises to pay an additional sum. Then the owner’s new promise will not be enforceable because under the preexisting duty rule, there is no consideration for that promise.
Legal Definition list
- Preexisting Condition Exclusion [Internal Revenue]
- Preexisting Condition
- Preemptory Defense
- Preemptive Causation
- Preemption Determination
- Preexisting Duty Rule
- Preexisting Satellite Digital Audio Radio Service [Patents]
- Preexisting Subscription Service [Patents]
- Preference
- Preference Action (Bankruptcy)
- Preference Categories
