Without the requirement of consideration, a party to a contract could declare that the contract should be modified or canceled whenever such a demand was advantageous.
Va. 1976]).
Derived from article 2, section 209, of the Uniform Commercial Code, this rule is designed to honor the intent of commercial parties without requiring the time-consuming technicalities of consideration. The term has special significance in the law of contracts and the law of sales. modify verb [T] (CHANGE) C1 to change something such as a plan, opinion, law, or way of behaviour slightly, usually to improve it or make it more acceptable: Instead of simply punishing them, the system encourages offenders to modify their behaviour.
To make less extreme, severe, or strong: refused to modify her stand on the issue. According to 41 CFR 60-1.3 [Title 41 : Public Contracts And Property Management Subtitle B ; Other Provisions Relating To Public Contracts Chapter 60 ; Office Of Federal Contract Compliance Programs, Equal Employment Opportunity, Department Of Labor Part 60-1 ; Obligations Of Contractors And Subcontractors Subpart A ; Preliminary Matters; Equal Opportunity Clause; Compliance Reports ] A contract modification may be either written or oral, with some exceptions. Crane Co. v. Progressive Enterprises, Inc., 418 F. Supp. A change or alteration in existing materials. Changes to a preexisting contract are called contract modifications. Grammar To qualify or limit the meaning of.
Consideration operates as evidence that the parties have agreed to the modification.
place at the time of making the contract by a condition, which shall have n. a change in an existing court order or judgment made necessary by a change in circumstances since the order or judgment was made to cure an error.
It is also called contract amendment or modification of a contract. An oral modification is unenforceable if the contract specifies that modifications must be in writing (United States ex rel. Modification generally has the same meaning in the law as it does in common parlance.
See 1 Bouv. Crane Co. v. Progressive Enterprises, Inc., 418 F. Supp.
Courts are free to strike down contract modifications that are brought about by duress or bad faith.
and no more. https://legal-dictionary.thefreedictionary.com/Modification, A ship-thru agreement with Kenworth means customers can have their, The study addressed the interaction between mRNA and histone, By selecting the group with minimum transmission errors fluctuation, we obtained the optimal, NMED emphasized that the classification determination "only pertains to the procedure that will be used to determine the merits of the permit, Many lenders, like Bank of America, have been criticized for their lack of results in the home loan, Global Banking News-20 July 2010-Bank of America claims to have completed 160,000 mortgage, Through the third quarter of 2009, fewer than two million mortgages had been modified or had their payments otherwise adjusted under the federal, When Lam contacted his loan servicer, Washington Mutual, to ask how to take advantage of the federal program, he was told that he'd only be eligible for a loan, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Brief for Appellants in Nos.
hundred bushels, the contract is modified, it is for eight hundred bushels, The term has special significance in the law of contracts and the law of sales.
Consideration operates as evidence that the parties have agreed to the modification.
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