When parties to a contract mutually agree to cancel an old contract and replace it with a new one, which of the following is true?
A)To be enforceable, there must be added features in the new contract benefiting both parties.
B)One party's past performance under the original contract is sufficient consideration for the new contract.
C)The new contract is void.
D)Neither party has a right to make changes to the original contract.

Question

Quizplus · Accepted Answer

To be enforceable, the new contract must have added features or new consideration benefiting both parties, as past performance is not sufficient consideration for a new contract.

When Parties to a Contract Mutually Agree to Cancel an Old