Modification of Preexisting contract

Modification of Preexisting contract - Modification of...

Info icon This 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 IS valid if you take something instead of money. Then there is a detriment & a benefit 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
Image of page 1

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

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '07
  • Guzzi
  • England Rock Services, consideration Promissory Estoppel, enforceable w/o consideration, new consideration differs

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern