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One-sided contract modifications and the requirement of consideration
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.
History
Publication status
- Published
Journal
Lloyd's Maritime and Commercial Law QuarterlyISSN
0306-2945Publisher
Lloyds of London Press LtdIssue
1Volume
2019Page range
138-161Department affiliated with
- Law Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2018-12-21First Compliant Deposit (FCD) Date
2019-04-08Usage metrics
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