BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A promise to perform an existing duty is no consideration unless it binds one within an exact time to do or refrain from doing an exact thing. A promise cannot be a consideration unless it is exact enough to be broken.

Detailed explanation-2: -A promise to do what one already has a legal duty to do is not legally sufficient consideration under most circumstances. Promises made with consideration based on events that have already taken place are fully enforceable.

Detailed explanation-3: -A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.

Detailed explanation-4: -The Pre-Existing Duty Rule-Exceptions A promise to a third party to do the performance that was owed to the second party is valid consideration; even though the performance was owed to the second party in any case. If there is a valid defense to the deal, agreeing not to raise that defense is valid consideration.