Terms of the Contract

Question 1

Modification

Common Law

Answer 1

Must be supported by consideration.

Question 2

Modication

Statute of Frauds

Answer 2

If the modified contract falls under the SOF, it must be in writing unless an exception applies.

Question 3

Modification

Provisions prohibiting oral modification

(common law)

Answer 3

Unenforceable if it does not normally fall under the SOF.

Question 4

Modification

UCC

Answer 4

Requires good faith.

Question 5

Provisions prohibiting oral modification

(UCC)

Answer 5

Is valid–even if it does not fall within the SOF.

Question 6

Accord and Satisfaction

Answer 6

Accord: a new agreement where a party agrees to accept a different performance than what was agreed upon
Satisfaction: occurs when the different performance is completed by the other party, which discharges the original contractual duties and the accord agreement duties