Contract Modification Flashcards
1
Q
What is required to modify a contract under the common law?
A
Under the common law, contract modifications MUST be supported by consideration.
2
Q
What is the common law “preexisting duty rule”?
A
The common law follows the preexisting duty rule, which means that a promise to do something that a party is already legally obligated to do (by contract or otherwise) is NOT CONSIDERATION.
3
Q
Under the UCC, is consideration required to modify a contract?
A
Under the UCC, there is no consideration requirement. A contract modification is valid if it is made in good faith.
4
Q
Does the UCC apply the preexisting duty rule?
A
No
