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Part III Formation of the Contract, 14 Modification of Contract

From: Global Sales and Contract Law (2nd Edition)

Ingeborg Schwenzer, Edgardo Muñoz

Content type:
Book content
Product:
International Commercial Law [ICML]
Published in print:
14 June 2022
ISBN:
9780198871255

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 03 June 2023

Subject(s):
Construction of contract — Formation of contract — Waiver and damages

This chapter explicates the modification of contacts. The general principles of freedom, statutory form requirements, and contract formation are applied when it comes to modifying contracts. Severe restrictions on modifications could be found in common law legal systems. Moreover, the chapter lists waiver, practical benefit, and abandoning consideration requirements as variations of contracts. Parties regularly agree on a no-oral medication clause in the recent commercial practice. The chapter notes the possible approach of protecting a party’s reasonable reliance on the modification, which is found in the common law legal systems.

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