Restatement of Contracts 2Nd 87

As a professional, I understand the importance of creating content that is both informative and optimized for search engines. That`s why I wanted to take a moment to discuss something that may not be immediately familiar to non-lawyers – the Restatement of Contracts (2nd) §87.

What is the Restatement of Contracts (2nd) §87?

The Restatement of Contracts is a legal treatise that seeks to provide guidance on the interpretation and application of contract law. It was produced by the American Law Institute, a private organization composed of legal professionals, in an effort to create a definitive statement of the legal principles that govern contracts.

Section 87 of the Restatement of Contracts (2nd) deals with what is known as the “modification of contracts.” In essence, it provides guidance on how contracts may be altered after they have been formed.

Why is Restatement of Contracts (2nd) §87 important?

Restatement of Contracts (2nd) §87 is important because it establishes clear guidelines for when and how contracts can be modified. This is crucial because contract law can be complex and confusing, and having a clear set of rules to follow can help avoid disputes and legal challenges down the line.

Additionally, Restatement of Contracts (2nd) §87 is used by courts across the country as a reference point when interpreting and applying contract law. This makes it essential reading for anyone who works with contracts or wants to better understand the legal principles that govern them.

What does Restatement of Contracts (2nd) §87 say?

Restatement of Contracts (2nd) §87 provides that a contract can be modified only if both parties agree to the modification. This means that changes to a contract cannot be made unilaterally – both parties must be on board.

Furthermore, Restatement of Contracts (2nd) §87 requires that any modifications be made in accordance with the terms of the original contract. This means that if the original contract contains provisions outlining how modifications can be made, those provisions must be followed.

Finally, Restatement of Contracts (2nd) §87 establishes that modifications must be supported by consideration, which is a legal term that refers to something of value that is exchanged between the parties. This means that modifications must involve some sort of give-and-take – one party cannot simply demand changes without offering anything in return.

In conclusion, Restatement of Contracts (2nd) §87 is an important resource that provides guidance on how contracts can be modified. Its clear rules and requirements help ensure that changes to contracts are made in a fair and equitable way, and its widespread use in the legal system makes it essential reading for anyone involved in contract law.

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