Final answer:
If Expo Center Inc. and Festival Music LLC enter a new contract and the previous contract was subject to a preexisting duty, the new contract is likely to be enforceable if it includes new or different terms providing additional consideration. Without new consideration, the new contract may be invalid.
Step-by-step explanation:
When Expo Center Inc. and Festival Music LLC agree to rescind an executory contract and enter into a new one, the previous contract's status concerning a preexisting duty is critical to the enforceability of the new contract. Generally, a contract is not valid if it only reiterates a duty that one party is already legally obligated to perform unless there are new or different terms that provide additional consideration for both parties.
Therefore, if the previous contract was subject to a preexisting duty but the new contract offers something new or different in terms of consideration—such as additional benefits, terms, or conditions—that the parties have not previously agreed to, then the new contract would likely be valid and enforceable.
However, if the new contract merely repeats the obligations of the old contract without providing new consideration, it could potentially be invalid for lack of consideration. In practice, courts analyze these situations on a case-by-case basis to determine whether enough new consideration exists to support the formation of a new contract.