Final answer:
Traditionally, contract modifications required new consideration, but under modern laws like the UCC, they can often be modified in good faith without it. This enforcement mechanism is crucial to maintaining a functional economy where people can rely on their property and contractual rights.
Step-by-step explanation:
Under Contract Law, whether a modification to a contract can be made without consideration depends on the jurisdiction, but traditionally, contract modifications needed new consideration to be binding. However, modern contract law, especially under the Uniform Commercial Code (UCC), allows for modifications without fresh consideration if they are made in good faith. Contracts are essential in asserting one's property rights through legal means if the terms are not fulfilled, such as when a skilled surgeon operates and expects payment. In a reliable legal system, contractual rights support economic transactions and growth by providing a means to enforce agreements and deter non-payment.