Asked by Nachelle Culpepper on Jul 08, 2024
Verified
Under the common law, in order to be enforceable, a modification of an existing contract must be supported by mutual consideration.
Mutual Consideration
In contract law, mutual consideration is the exchange of value or promises between parties that is a requisite for the formation of a binding contract.
- Determine the criteria necessary for a legitimate change of contracts pursuant to both common law and the Uniform Commercial Code (UCC).
Verified Answer
LD
Laura DominguezJul 14, 2024
Final Answer :
True
Explanation :
Under the common law, modifications to an existing contract must be supported by mutual consideration to be enforceable. This means that both parties must give something new in exchange for the modification of the contract. Without mutual consideration, a modification may be considered void and unenforceable.
Learning Objectives
- Determine the criteria necessary for a legitimate change of contracts pursuant to both common law and the Uniform Commercial Code (UCC).