In some circumstances, modifying an existing contract is necessary. So, what steps should you take to do it? In this article, you will learn what you need to know about modifying an existing contract in Florida directly from an experienced Florida Business Lawyer. Read on to learn the legal implications of departing from the agreed-upon terms of a signed contract and how an experienced lawyer can help you do it smoothly.
Modifications Require New Consideration
The first thing you need to know about modifying an existing contract: it is possible to do so. Contract modifications happen all the time in Florida. However, just because one can modify an agreement does not mean it is easy to do. Changing a contract can be just a difficult as creating it, as it requires great care and attention to detail. The modified contract must meet all the requirements of the original one. In other words, contract modifications require a new offer, acceptance of that new offer, and new consideration, among many other things.
Consider the following example: a merchant creates a purchase order with a particular customer for a specific number of items to be delivered on a specific day, at a specific time. However, the customer wishes to modify the contract to get the items delivered three days earlier. Because this change will require the merchant to adjust their schedule, making the job more difficult, they request additional compensation, to which the customer agrees. The original contract both parties signed is modified. It now reads that the party will deliver the same fixed number of items to the customer three days earlier. The merchant will receive additional compensation.
In this case, because the parties engaged in a new negotiation process and came to a new agreement, the contract modification is easy, successful, and enforceable. The customer could not have amended the contract without the merchant’s approval and expected the merchant to comply. Why? Because every contract modification needs to have consideration and must be accepted by all parties involved.
The Legal Implications of Modifying an Existing Contract
The example used above is relatively straightforward, making it very easy to understand. However, in the real world, contract modifications are rarely as clear. In many cases, people modify contracts because unexpected circumstances force them to do so. When a contractual change takes place without new, independent consideration, the legal implications can vary.
The implications of making a unilateral modification to a contract will largely depend on the substantial impact of the change itself. For example, in cases involving substantial performance, there can be an immaterial “modification” (or, to put it in less favorable terms, a “breach”), which does not warrant any equitable or financial remedy. Such modifications essentially mean that the legal consequences of modifying an existing contract unilaterally will be determined on a case-by-case basis.
Do You Have Questions? Contact Attorney Romy B. Jurado Today
Topics such as contract modifications are why you need to work with an experienced business lawyer if you are a business owner. Businesspeople need to enter into contracts regularly, so having an experienced lawyer by your side will keep you out of trouble. Knowing the law is not If you have any questions about modifying existing contracts, contract Attorney Romy B. Jurado Esq. today by calling (305) 921-0976 or emailing [email protected].
Suppose you are a business owner and need legal help. Get in touch! Attorney Romy B. Jurado is only one phone call or email away.