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Unformatted text preview: and signed the agreement on May 2, 2004 as written for the land at 1388 Brimfield Road. Ruth did not have to give the land to Corinne and Corinne was not forced to sign the new agreement, but Corinne decided to agree on the exchange of $40,000 for the land she is inhabiting. Corinne argues that the preexisting duties and consideration did not require her to make a payment, because the original legal value was for Corinne to pay $1.0 in return of the one-half acre of land. The bargain was made and agreed by Ruth and Corinne to make the deal, because she purchased the land in August 17,1997 and built a house on the land living there until May 2, 2004. Conclusion Yes the new consideration was valid because the elements of consideration were met to allow modification. It was understood that gratuitous offers are not enforceable so the new consideration was valid upon signing of both parties....
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- Spring '11
- Business Law