James had a contract with Frasier to fix a plumbing issue at Frasier's home. The contract was made for $3,000. After the work was completed, Frasier then refused to pay anything unless James agreed to accept $2,500. James's attempt to make a new contract is void because it lacks consideration under the ________ concept.
Fill in the blank(s) with correct word.
Answer: preexisting duty
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Answer the following statements true (T) or false (F)
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Indicate whether the statement is true or false
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