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

Zybrea Knight · Accepted Answer

Final Answer : B, Explanation :  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.

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