Contract Modification Flashcards

1
Q

Contract modification implies

A

that the contract was already made and the parties at some point decided that they wanted to change something and they go back to the bargaining table to do it

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2
Q

What do we need for contract modification?

A

It really has to look like a new contract – contracting rules kick in all over again!

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3
Q

What’s tricky about contract modification?

A

Sometimes because the same parties are still there and they had a contract existing already, they have a hard time figuring out if they have ticked off all of the rules – usually consideration is troublesome
We need new consideration and a new bargained for exchange (especially if the pre-existing duty rule gets in the way)

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4
Q

What to consider with contract modification and consideration:

A

Whether parties take in new duties
Whether there is new inducement on both sides
Whether there is a bargained for exchange

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