Joe and Jack have a written contract whereby Joe agrees to sell Jack a plot of land for $100,000.Later,without terminating the first contract,the parties modify the deal so that Joe sells Jack the same plot of land for $125,000.The second agreement is not a contract because:
A)the first contract was not terminated.
B)there is no consideration for Jack's promise.
C)Joe's promise is illusory.
D)written contracts for the sale of land cannot be modified.

Question

Quizplus · Accepted Answer

The general common law rule on contract modifications holds that an agreement to modify an existing contract requires some new (independent)consideration to be binding.

Joe and Jack Have a Written Contract Whereby Joe Agrees