Contract Modifications

Parties to a contract are always able to modify their contract. The requirements for a binding modification are the same as for other contracts. The parties need to reach a meeting of the minds on the terms of their modification. Importantly, contract modifications must be supported by consideration. Sometimes, a party to a contract will claim that the contract was modified to somehow excuse that parties’ obligations under the contract. It is possible to reach such a modification, but remember, there must be consideration to support it.