Contract Modification Without Consideration
Description
How to fill out Checklist For Modifying Or Extending And Existing Contract?
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FAQ
Lack of consideration in a contract can be present in the following scenarios: One of the parties was under an existing legal obligation to complete a task. ... Promises of a gift are not used as a consideration in a contract. ... Consideration made due to a past event is not enforced in a contract.
Hear this out loud PauseUnder common law, a party to a contract needs new consideration -- something of legal value -- to modify a contract. The party obtains new consideration by negotiating with the other party to change the consideration on both sides of the contract.
Hear this out loud PauseWithout consideration by both parties, a contract cannot be enforceable. For instance, if a person used the money to purchase an apple, the apple is the merchant's consideration, and the money is the person's consideration.
A promise not to act occurred when Joe promised not to sue in exchange for receiving payment for the mailbox Bill mowed down while riding the scooter. Lack of consideration occurs when only one party is obligated to act while the other holds no obligation at all.
Hear this out loud PauseHowever, the common law requires that (subject to limited exceptions), for an agreement to be binding, the promisee (or promisees) must provide consideration (payment of some kind) for the promise they have received. As a result, gratuitous promises are generally not enforceable.
