Parties may modify a contract with no new consideration by substituting a new contract for the old one.

Name: Parties may modify a contract with no new consideration by substituting a new contract for the old one.
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Question

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Parties can modify a contract with no new consideration by substituting a new contract for the old one but the new contract must be agreed upon by both parties. This is known as novation.

Parties May Modify a Contract with No New Consideration by Substituting