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To analyze contract modifications under the pre-existing legal duty rule, it's essential to understand the formation of a traditional enforceable contract, which requires three elements: offer, acceptance, and consideration. The video tutorial emphasizes that we've previously covered these components in detail, explaining the formation of a valid offer, its acceptance, and the role of consideration in supporting the agreement. With a traditional contract established, the focus now shifts to the scenario where the parties wish to modify the existing contract. This modification process is crucial for understanding how changes can be applied to enforceable contracts while adhering to legal principles.