Contract Modifications and Recissions

Question 1

Oral Modification

Answer 1

*These are UNacceptable UNLESS you can show the following:

(1)Part Performance based on the modification OR

(2) Equitable estoppel based on irreparable harm.

Question 2

Universal/ Majority Rule (Contract Modification)

Answer 2

1. Oral modifications are not enforceable/ not binding because modifications are viewed as a creation of a new contract and that new contract will have to be in writing to be enforceable.
2. Oral Recisions are acceptable

Question 3

Minority Rule( Oral Modification)

Answer 3

1. Oral Modifications are enforceable during the executory Period
2. Oral recessions are not enforceable, have to be in writing.