Ranjit and Samantha,who are both business students,entered into a contract.He promised to tutor her in the law of negotiable instruments,and she promised to type his handwritten notes for him after each class.The contract was to start on September 1 and was to last for one academic year.Before the beginning of September,however,Samantha learned that she was enrolled in a course on mortgages,rather than a course on negotiable instruments.Furthermore,Ranjit received a laptop computer as a present from his parents.Ranjit and Samantha therefore have agreed that the original terms of their contract no longer make much sense.They also agree that it would be preferable if he tutored her in the law of mortgages and she designed a database that will allow him to most effectively use the lectures notes that he types for himself in class.Which of the following processes would best suit the parties' needs?

Question

Quizplus · Accepted Answer

Variation is the best choice for this situation as it allows for the original contract to be modified by mutual agreement of the parties. In this case, Ranjit and Samantha have agreed to change the terms of their original contract to better suit their needs. The other options such as rescission, accord and satisfaction, release, and waiver do not fully address the situation and are not as relevant.

Ranjit and Samantha,who Are Both Business Students,entered into a Contract