Term
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Definition
| Drafting additions to contracts that demonstrate that the parties are making an assumption about non-occurrence of certain types of events. |
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Term
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Definition
| Where an K already exists, modification of terms makes a new K and needs the same elements to make it binding, including consideration. |
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Term
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Definition
| Consent to demand for increased pay for same fishing work was given without consideration and therefore is unenforceable. |
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Term
| UCC ยง 2-209(1). Modification, Rescission and Waiver. |
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Definition
| An agreement modifying a contract within this Article needs no consideration to be binding. |
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Term
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Definition
Two questions:
- Is modification one-sided and unsupported by consideration?
- Is the modification made by duress or in violation of duty of good faith performance? |
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