RULE STATEMENTS

Question 1

Modification Common Law

Answer 1

Common Law has 2 doctrines for enforcement of modification. Some JX’s require fresh consideration to demonstrate parties’ intent, other JX’s simply require that the modification be fair and equitable

Question 2

Modification under UCC

Answer 2

UCC does not require fresh consideration for the contract to be binding but the modification must be in writing

Question 3

Accord and Satisfaction

Answer 3

Accord and Satisfaction is the creation of an entirely new contract, completion of which discharges the obligations under the previous contract.

When an obligor offers to accept a stated performance in satisfaction of an obligee’s existing duty, the existing duty will be suspended, unless the obligee breaches the accord, in which case the obligor can then enforce either duty.