Contract Modify For Free - Modify Contract

Under 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. Two exceptions to the general rule apply.

There are two types of contract modifications: unilateral and bilateral. Unilateral modifications are signed only by a contracting officer and are generally used to make administrative changes, issue change orders, make changes authorized by clauses other than the Changes clause, and issue termination notices.

Without consideration, a contract cannot be enforced or is otherwise voidable (with only a very few exceptions). The exchange of value is interpreted broadly to not only include money, but property, a promise, doing something, or even not doing something.

A contract without consideration is void because it is not legally enforceable. "Consideration" means that each party must provide something of value to the other party as designated by the contract terms.

Changes to a preexisting contract are called contract modifications. If the parties agree to modify the contract, the modification will be enforceable in a court of law. A contract modification may be either written or oral, with some exceptions.

A contract can usually be modified at any time, as long as all the parties express their consent to the changes. Minor changes in a contract can often be handwritten into the original document, and then signed or initialed by the parties.

Regardless of the form that a contract takes (e.g., oral versus written), a contract can usually be modified at a future date. A contract modification refers to a situation where the contracting parties agree to change the terms of their original agreement.