Asked by Diana Gasparyan on Apr 29, 2024
Verified
Joe and Jack have a written contract whereby Joe agrees to sell Jack a plot of land for $100,000.Later,without terminating the first contract,the parties modify the deal so that Joe sells Jack the same plot of land for $125,000.The second agreement is not a contract because:
A) the first contract was not terminated.
B) there is no consideration for Jack's promise.
C) Joe's promise is illusory.
D) written contracts for the sale of land cannot be modified.
Consideration Requirement
The legal principle that a contract must involve a bargain or exchange of value between the parties to be enforceable.
Existing Contract
A legal agreement that is currently in place and governs a relationship between parties at the present time.
- Comprehend the significance of consideration in revising and settling contracts.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
B
Explanation :
The general common law rule on contract modifications holds that an agreement to modify an existing contract requires some new (independent)consideration to be binding.
Learning Objectives
- Comprehend the significance of consideration in revising and settling contracts.
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