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In this lesson, we are discussing contract modifications, specifically in the context of the pre-existing legal duty rule. Before diving into that, a quick reminder of how to form a traditional enforceable contract - mutual assent, consideration, and no defenses to formation. We are currently focusing on the formation of a traditional contract, with consideration being a key element. Consideration involves legal value and a bargained-for exchange. It is determined by analyzing legal value and the idea of a bargained-for exchange.
