Harder, Sirko (2018) One-sided contract modifications and the requirement of consideration. Lloyd's Maritime and Commercial Law Quarterly. pp. 138-161. ISSN 0306-2945 (Accepted)

PDF (These are the uncorrected proofs of the article.) - Draft Version Restricted to SRO admin only Available under License All Rights Reserved. Download (128kB)

Abstract

The parties to an existing contract may agree that the obligations of one party (but not of the other) are to be modified. For a long time, one-sided contract modifications were considered unenforceable for lack of consideration. It is now widely recognised that this approach fails to give effect to the parties’ autonomy and intention. Two alternative approaches have emerged across the common law world. One approach is to find consideration in a practical benefit obtained by the promisor. The other approach is to abolish the consideration requirement for contract modifications. This article investigates the merits of both alternative approaches.

Item Type:	Article
Keywords:	consideration, contract modification, practical benefit
Schools and Departments:	School of Law, Politics and Sociology > Law
Subjects:	K Law > K Law in General. Comparative and uniform Law. Jurisprudence > K0520 Comparative law. International uniform law > K0600 Private law K Law > KD Law of the United Kingdom and Ireland > KD0051 England and Wales K Law > KE Law of Canada K Law > KF Law of the United States K Law > KF Law of the United States K Law > KL-KWK Asia and Eurasia, Africa, Pacific Area, and Antarctica
Depositing User:	Sirko Harder
Date Deposited:	21 Dec 2018 11:35
Last Modified:	21 Dec 2018 11:35
URI:	http://srodev.sussex.ac.uk/id/eprint/80914

View download statistics for this item

📧 Request an update