Modifying a Contract

The video discusses contract modification under common law and the UCC, emphasizing the need for consideration and writing requirements, especially under the Statute of Frauds. It highlights exceptions for merchants and jurisdictional differences in enforcing modification clauses. The importance of writing in the sale of goods is also covered.

What is generally required for a modification to an agreement under common law?

• No formalities are needed.

• The same level of formality as the original agreement.

• Only verbal agreement is necessary.

• A simple handshake suffices.

Under the UCC, what is typically required for a modification to be valid?

• It requires a witness.

• It can be oral.

• It must be in writing.

• No consideration is needed.

How do common law jurisdictions differ regarding modifications that fall under the Statute of Frauds?

• All allow oral modifications.

• All require modifications to be in writing.

• None require modifications to be in writing.

• Jurisdictions are split on the requirement.

What should you check to determine if a no oral modification clause is enforceable?

• The number of parties involved.

• The jurisdiction's laws.

• The original contract's length.

• The type of goods sold.

In the sale of goods, what is required for a modification to be valid?

• It requires a third-party witness.

• No formalities are needed.

• It must be in writing and supported by consideration.

• It must be oral.