Waiver

Question 1

Sometimes there is not a modification (change to the contract) but instead a _______

Answer 1

waiver

Question 2

A waiver is the __________ ____________ of a known right.

Answer 2

intentional relinquishment

Question 3

U.C.C. § 2-208(3) states that ________ __ __________ shall be relevant to show a waiver or modification of any term inconsistent with such course of performance.”

Answer 3

course of performance

Question 4

Promising to do what you are already obligated to do under a contract is not consideration for a modification to that contract.

Answer 4

Pre-Existing duty Rule

Question 5

Promise modifying a duty
under a contract not fully performed
is binding
If the modification is fair and equitable in view of circumstances not anticipated by the parties when the contract was made OR
to the extent provided by statute OR
to the extent that justice requires enforcement in view of material change of position in reliance on the promise

Answer 5

Pre-Existing duty Rule

Question 6

Unforeseen circumstances
Reliance on a promised modification
Mutual release

Answer 6

Three Exceptions

Pre-Existing duty Rule