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Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.

Without consideration, a contract cannot be enforced or is otherwise voidable (with only a very few exceptions). The exchange of value is interpreted broadly to not only include money, but property, a promise, doing something, or even not doing something.

Without the requirement of consideration, a party to a contract could declare that the contract should be modified or canceled whenever such a demand was advantageous. In contracts between merchants, a modification need not be supported by consideration.

An example of an amendment are the changes made to the U.S. Constitution. The addition, deletion, correction, or other changes proposed or made to a document. The term is usually capitalized when referring to an amendment in the United States Constitution (for example, the Fifth Amendment).

Amending a contract is a good remedy to fix small mistakes. For example, this could include a spelling error or incorrect figure, a provision that is no longer relevant, a provision where circumstances have changed.

A modification of contract is any change, in part or whole, occurring to a legally binding agreement between two or more parties. Any contract can be modified before or after signing the agreement, but all parties must agree to the changes. If any party doesn't agree to the modification, the changes are invalid.

What should I include in my Contract Addendum?The names of the individuals, corporations, or organizations involved in the original contract.The date that the parties will sign the Contract Addendum.A description of the original contract's purpose and the date it was signed.The specific amendment(s) that you are making.More items...

Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.

A contract addendum is a post-contract attachment that modifies, alters, or totally changes some of the terms of a previously established contract. Typically, this adds something new to a preexisting document. Once all parties named in a contract agree to an addendum, it becomes a part of the new contract.

A contract without consideration is void because it is not legally enforceable. "Consideration" means that each party must provide something of value to the other party as designated by the contract terms.