Modification of Preexisting contract

Modification of Preexisting contract - Modification of...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Modification of Preexisting contract- must be mutual (mutual consideration) Code modifies common law rule Does not need mutual consideration but rather they must both intend to modify the contract and must act in good faith WHAT IS THE RESTATEMENT?? New England Rock Services, Inc. vs. Empire Paving- REVIEW AGAIN FOR QUIZ Substituted contracts- mutually agree to rescind old contract and enter new 1) Original contract 2) Contract to rescind 3) Substitute contract Settlement of an undisputed debt- obligation that is not contested as to its existence or amount If you agree to let someone pay off less than what they originally owe this is not a valid contract because it brings no detriment to the debtor and is legally insufficient on the part of the person owed RESTATEMENT requires that the new consideration differs from what was required by the duty in a way which reflects for than the pretense of a bargain
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Modification of Preexisting contract - Modification of...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online