The general common law rule on contract modifications holds that an agreement to modify an existing contract requires a(n):
A)necessary increase in the value of the exchange.
B)inclusion of a new party to the contract.
C)new and independent consideration.
D)economic exchange of substantial value.

Question

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The most important preexisting duty cases are those involving preexisting contractual duties.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.

The General Common Law Rule on Contract Modifications Holds That