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Letter M
contract law

Modification

A change in the terms of an existing contract, which under the common law requires new consideration but under UCC 2-209 needs only good faith.

Encyclopedia entry: Modification

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modification

In a legal context, the term "modification" generally refers to the act of changing, altering, or amending something that is already established, such as a contract , statute , court order , or legal document. It involves making revisions or adjustments to the existing terms , provisions, conditions , or language.

Modification can occur in various legal scenarios, including, but not limited to:

  • Contract Modification: Parties to a contract may agree to modify or amend certain terms of the contract to reflect new circumstances, changes in the parties' relationship, or to address unforeseen events. The modification could involve changing the price, adjusting the delivery schedule, or revising any other contractual provision.
  • Modification of Statutes or Laws: Legislatures can modify existing statutes or laws through the enactment of new legislation or amendments . This process involves altering the language, provisions, or penalties of existing laws to reflect new societal needs or changes in public policy .

[Last reviewed in July of 2023 by the Wex Definitions Team
]

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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).

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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.