Michael and William contracted for Michael to mow William's lawn once a week for 20 weeks,at a price of $20 per week.Later,without terminating the first contract,the parties modify the contract as follows: Michael will mow William's lawn in exactly the same way for exactly the same time period,in exchange for William's promise to pay Michael $22 per week.There is no consideration for William's promise.

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Florence Nassiwa · Accepted Answer

Final Answer : True, 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.Therefore,if Michael and William have not made a new contract,there is no consideration.

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