Good consideration usually cannot be based on a pre-existing contractual obligation owed to the same party. Describe

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“Good consideration usually cannot be based on a pre-existing contractual obligation owed to the same party.” Describe three ways by which business people can avoid that rule. What commercial reasons might motivate them to do so?

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Managing the Law The Legal Aspects of Doing Business

ISBN: 978-0133847154

5th edition

Authors: Mitchell McInnes, Ian R. Kerr, J. Anthony VanDuzer

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Question Posted: Feb 20, 2019 11:43 AM

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Good consideration usually cannot be based on a pre-existing contractual obligation owed to the same party. Describe

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That rule is often criticized as failing to reflect commercial reality Financially speaking parties ...View the full answer

Managing the Law The Legal Aspects of Doing Business

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