Question

Ron contracts to sell Leslie his boat for $100,000. Later the parties modify the contract by changing the price to $110,000. All other terms remain the same. Is the second agreement enforceable? Why, or why not? If your answer is that the second agreement is not enforceable, explain what can be done to make it enforceable. In other words, you will want to consider the requirements to creating a valid modification of a contract and discuss any criticisms of the requirements.

Answer 1

There is no thought as a result of 'A' isn't giving 'B' any legal price for B's promise to pay 'A'$110,000. Instead, 'A' is just promising to perform a pre-existing written agreement obligation. => to avoid this drawback is for the parties to reciprocally united to cancel the primary contract before creating the new contract. => The second issue is for A to vow to present B one thing extra but slight within the second contract.

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