Michael and William contracted for Michael to mow William's lawn once a week for 20 weeks,at a price of $20 per week.Later,without terminating the first contract,the parties modify the contract as follows: Michael will mow William's lawn in exactly the same way for exactly the same time period,in exchange for William's promise to pay Michael $22 per week.There is no consideration for William's promise.

Question

Quizplus · Accepted Answer

The general common law rule on contract modifications holds that an agreement to modify an existing contract requires some new (independent)consideration to be binding.Therefore,if Michael and William have not made a new contract,there is no consideration.

Michael and William Contracted for Michael to Mow William's Lawn