Which term describes a legally acceptable change to a contract?

Which term describes a legally acceptable change to a contract?

• A. Modification
• B. Affirmation
• C. Breach
• D. Revocation

Answer: (A)

The term that describes a legally acceptable change to a contract is modification. In contract law, a modification occurs when the parties to a contract agree to alter one or more terms of the original agreement. This modification must be mutual and typically requires consideration, which means that something of value must be exchanged to make the modification enforceable. When a contract is modified, it reflects the new understanding and agreement between the parties, allowing them to adapt the contract to changing circumstances or needs. This legal recognition ensures that all parties are on the same page and have consented to the changes. The other terms, while related to contracts, describe different concepts. Affirmation refers to the confirmation of a contract or an obligation within the contract, often following a breach. Breach denotes a failure to fulfill contractual obligations as agreed upon in the contract. Revocation relates to the act of canceling or withdrawing an offer or agreement, which does not imply any changes to the existing terms like modification does.

The term that describes a legally acceptable change to a contract is modification. In contract law, a modification occurs when the parties to a contract agree to alter one or more terms of the original agreement. This modification must be mutual and typically requires consideration, which means that something of value must be exchanged to make the modification enforceable.

When a contract is modified, it reflects the new understanding and agreement between the parties, allowing them to adapt the contract to changing circumstances or needs. This legal recognition ensures that all parties are on the same page and have consented to the changes.

The other terms, while related to contracts, describe different concepts. Affirmation refers to the confirmation of a contract or an obligation within the contract, often following a breach. Breach denotes a failure to fulfill contractual obligations as agreed upon in the contract. Revocation relates to the act of canceling or withdrawing an offer or agreement, which does not imply any changes to the existing terms like modification does.