Episode 22: The More Things Change – Modifying Contracts by Mutual Assent
Organized: The Business Law Breakdown
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Show Notes
Dive into the world of contract modifications, exploring how existing agreements can be changed through mutual consent. Professor Oranburg examines the requirements for valid modifications, including consideration in common law and the UCC’s more flexible approach. You’ll learn about the pre-existing duty rule and its exceptions. Through practical examples and landmark cases, understand how to effectively modify contracts, the pitfalls to avoid, and how courts interpret changes to existing agreements. Gain valuable insights into negotiating and implementing contract modifications in various business contexts.