Contract Modification

Question 1

Contract modification implies

Answer 1

that the contract was already made and the parties at some point decided that they wanted to change something and they go back to the bargaining table to do it

Question 2

What do we need for contract modification?

Answer 2

It really has to look like a new contract – contracting rules kick in all over again!

Question 3

What’s tricky about contract modification?

Answer 3

Sometimes because the same parties are still there and they had a contract existing already, they have a hard time figuring out if they have ticked off all of the rules – usually consideration is troublesome
We need new consideration and a new bargained for exchange (especially if the pre-existing duty rule gets in the way)

Question 4

What to consider with contract modification and consideration:

Answer 4

Whether parties take in new duties
Whether there is new inducement on both sides
Whether there is a bargained for exchange