EFFECT OF LATER K

Question 1

Effect of Later Contract:

Rescission

Answer 1

Only if performance not completed.

Question 2

Effect of Later Contract:

Modification

Answer 2

Mutual agreement to accept different agreement to satisfy existing K.
CL: new consideration needed to modify.
UCC: not needed to modify, but must show good faith for modification.

Question 3

Effect of Later Contract:

Novation

Answer 3

Mutual agreement to substitute existing party with another, excusing performance of substituted party.