changes to contract obligations

Question 1

rescission

Answer 1

occurs when parties agree to rescind their K; agreement to rescind is itself a new, binding K supported by consideration (except in at-will employment)

Question 2

modification requirements

Answer 2

1) mutual assent
2) consideration

BUT UCC - no consideration required for a good-faith modification; must be in writing if K falls within SoF as modified

Question 3

novation

Answer 3

parties agree to substitute a new party to perform

Question 4

novation requirements

Answer 4

1) previous valid K
2) all parties, including new party, agree to new K
3) new K extinguishes K duties b/t original parties
4) new valid and enforceable K

Question 5

accord and satisfaction

Answer 5

parties to an existing K agree to accept different performance in satisfaction of the original, existing obligation

Question 6

accord

Answer 6

new agreement to accept alternative performance in lieu of the original performance obligation; consideration generally required

Question 7

satisfaction

Answer 7

performance of the accord agreement; discharges original K and the accord