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Parties to a contract may wish to modify or change the terms of their contract at some point.The UCC applies to contracts for the sale of goods to or by a merchant. Under the UCC, additional consideration is not necessary to modify a written contract, as long as the modification is entered into in good faith.

How to Setup a Payment PlanStep 1 Agree to Terms. The debtor and creditor must come to terms with a payment arrangement that benefits both parties.Step 2 Create a Payment Agreement.Step 3 Begin the Payment Schedule.Step 4 Release the Debtor.

A modification of contract is any change, in part or whole, occurring to a legally binding agreement between two or more parties. Any contract can be modified before or after signing the agreement, but all parties must agree to the changes. If any party doesn't agree to the modification, the changes are invalid.

A modification of a contract requires the mutual assent of both,15 or all, parties to the contract.16 Hence, one party to a contract may not unilaterally alter its terms17 without the assent of the other party.18 Mutual assent is as much a requisite element in effecting a contractual modification as it is in

6 things every change order should includeProject and contact information. The change order form should include:Dates of the change.Details of the work.Updated schedule.Cost of the change.Updated contract value.Match the payment application.Get it in writing and save it.Nov 12, 2019

A payment contract is essentially a buyer-seller agreement that protects both parties. Once agreed upon, the buyer is obligated to pay the seller, contingent on whether or not the goods or services were delivered as promised.

While the general proposition of the court is correct that modification of a contract requires new consideration, that rule applies when one party to the contract is making the modification. Here, both parties mutually agreed to modify the existing contract to change the original purchase price.