James's attempt to make a new contract is void because it lacks consideration under the ________ concept.

Question

Quizplus · Accepted Answer

The preexisting duty concept states that a promise to perform an existing duty is not valid consideration, as the person is already obligated to complete that task. In this case, James's attempt to make a new contract lacked consideration as he was not offering anything new and only promising to do something he was already obligated to do.

James's Attempt to Make a New Contract Is Void Because