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Analyze contract

how do you analyze contract modifications in the pre-existing legal duty rule on a contracts essay question will remember to form a traditional enforceable contract there's going to be three requirements offer acceptance and consideration and the good news is thus far in our contract law video series we've discussed all three of these requirements at great length we know how a valid offer is formed how that offer is accepted and once we have offer and acceptance how that agreement is supported by consideration so at this point we all know how exactly step by step a traditional enforceable contract is born so that leaves us with one more major issue we need to discuss in terms of these three requirements and that's the situation that arises when we have a traditional enforceable contract we have offer acceptance and consideration we have a traditional enforceable contract and the parties want to change that contract they want to alter it they want to modify it we call this a contract modification and the question is going to be primarily is the modification valid but to determine whether a contract modification is valid we need to know whether the modification must be supported by consideration and the answer here is going to be that it changes whether the contract is governed by the common law or whether the contract is governed by the UCC obviously if it deals with services or real estate we know we're in the common law territory if the contract deals with the purchase or sale of goods we're under the UCC but so is consideration going to be required does the modification need to be supported by consideration well the common law in short says yes the common law says that a modification if you're going to modify an existing traditional enforceable contract so here's our traditional enforceable checked our existing contract if you want to modify it right you want to add here's a little pen right say that you want to add some clause some term you want to change it or alter it in any way let's say we want to add a page to the back of this contract right we want to add a little addendum on the back and staple it to the back of the contract right we want to modify it does this modification need to be supported by consideration additional consideration that wasn't included in the original contract because they're very traditional forceful contract is offer acceptance consideration so we already have some form of consideration if we have a traditional enforceable contract when we're talking about this modification we're really asking do we need additional consideration to support this modification and the common law says yes and the UCC says no the UCC says you don't need additional consideration all you need is good faith if the parties make the modification if they enter into the modification and good faith that's going to suffice we do...