Modification

Question 1

At common law, __________ of an existing contract must be supported by consideration.

Answer 1

modification

Question 2

At ______ ______, modification of an existing contract must be supported by consideration.

Answer 2

common law

Question 3

__________ is a bargained for act, forbearance, or return promise that constitutes a legal detriment to the promise.

Answer 3

consideration

Question 4

Consideration is a bargained for ____, ________, or ______ _______ that constitutes a legal detriment to the promise.

Answer 4

act
forbearance
return promise

Question 5

Without additional ___________, the modifications are not effective/enforced. (pre-existing duty rule).

Answer 5

consideration

Question 6

The _____________ rule states that a ______________________ cannot serve as a new promise.

Answer 6

pre-existing duty rule

pre-existing duty

Question 7

If you don’t have extra consideration all you are doing is pre-existing duty and the __________ would not be enforceable.

Answer 7

modification

Question 8

The modern trend is away from a strict application of pre-existing duty. True or False.

Answer 8

True

Question 9

Agreements to modify a contract may still be enforceable if:
1. ?
2.
3.

Answer 9

1. 1. There is a recission of the existing contract by tearing it up or by some other outward sign, and then the entering into of a new contract, whereby one of the parties must perform more than she was to perform under the original contract.

Question 10

Agreements to modify a contract may still be enforceable if:
1.
2. ?
3.

Answer 10

2.There are unanticipated difficulties, and one of the parties agrees to compensate the other when the difficulties arise if the modification is fair and equitable in light of those difficulties; or

Question 11

Agreements to modify a contract may still be enforceable if:
1.
2.
3. ?

Answer 11

3.There are new obligations on both sides (new consideration).

Question 12

The modification must rest in circumstances not anticipated as part of the context in which the contract was made but need not have been completely unforeseeable. When such a reason is present, case specific facts may be relevant:
1. ?
2.
3.

Answer 12

1.The relative financial strength of the parties (which party is better situated to absorb the loss and survive?)

Question 13

The modification must rest in circumstances not anticipated as part of the context in which the contract was made but need not have been completely unforeseeable. When such a reason is present, case specific facts may be relevant:
1.
2. ?
3.

Answer 13

2.The formality with which the modification is made

Question 14

The modification must rest in circumstances not anticipated as part of the context in which the contract was made but need not have been completely unforeseeable. When such a reason is present, case specific facts may be relevant:
1.
2.
3. ?

Answer 14

3.The extent to which it is performed or relied upon