Posted on by Judy

Which of the following identifies problems with consideration? Preexisting duty rule mutual mistake Unilateral Contract Acceptance by silence

ANSWER: Preexisting duty rule
Explanation: It is a common-law rule of contract. This rule says that if a party is required to perform a specfic duty under an existing contract, then the performance of that particular duty cannot be the consideration for a new promise. For example, if a contractor enters into a contract to renovate the house, but midway through the work, refuses to complete it unless the house owner pays additional money. In this event, if the owner promises to pay the additional money, then it will not be enforceable because there is no consideration for that promise under the preexisting duty rule.
 
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  1. A mutual mistake exists when both parties to the contract have an erroneous assumption about the same important fact. When both parties are indeed mistaken about the same important fact, the resulting contract can be avoided if: The mistake relates to a basic assumption upon which the contract was made The mistake relates to an intrinsic fact that is material to the contract The party adversely affected by the mistake did not bear the risk of the mistake All of the choices are correct.
  2. The Mirror Image rule provides that: The acceptance must mirror the offer. The acceptance cannot contain different terms than the offer. When reciting the offer and acceptance, the offeror and offeree must look at each other in the mirror to be valid. The acceptance is valid upon dispatch. Consideration must be exchanged.
  3. The Mirror Image rule provides that: The acceptance must mirror the offer. The acceptance cannot contain different terms than the offer. When reciting the offer and acceptance, the offeror and offeree must look at each other in the mirror to be valid. The acceptance is valid upon dispatch. Consideration must be exchanged.
  4. The Mirror Image rule provides that: The acceptance must mirror the offer. The acceptance cannot contain different terms than the offer. When reciting the offer and acceptance, the offeror and offeree must look at each other in the mirror to be valid. The acceptance is valid upon dispatch. Consideration must be exchanged.