Asked by
Octavio Ortiz
on Nov 29, 2024
Verified
Under the common law, a modification of a preexisting contract must be supported by mutual consideration; under the Code, a contract can be modified without new consideration.
Mutual Consideration
The exchange of value or promises that each party agrees to in a contractual agreement.
The Code
A term often used to refer to a specific body of systematic and comprehensive laws or regulations governing a particular area, such as the Uniform Commercial Code.
- Recognize the conditions required for a lawful amendment of contracts under the frameworks of both common law and the Uniform Commercial Code (UCC).
- Understand the implications of a preexisting duty rule on contract modifications and promises.
Verified Answer
IH
Learning Objectives
- Recognize the conditions required for a lawful amendment of contracts under the frameworks of both common law and the Uniform Commercial Code (UCC).
- Understand the implications of a preexisting duty rule on contract modifications and promises.