Question

IT is not possible to modify an engagement letter once it is signed by all parties .

A) True
B) False

Answer 1

Once an engagement letter is signed by all parties, it is possible to modify it if all parties agree to the modifications.

Step-by-step explanation:

False

Once an engagement letter is signed by all parties, it is possible to modify it if all parties agree to the modifications. The engagement letter is a legal document that outlines the terms and conditions of a professional engagement, such as the scope of work and the fees. If any changes need to be made after it is signed, the parties involved can draft an amendment to the original letter and have all parties sign the amendment to make it legally binding.

Answer 2

An engagement letter can be modified after being signed, if all parties agree to the changes and follow a formal amendment process, making the original statement false.

Step-by-step explanation:

The assertion that it is not possible to modify an engagement letter once it is signed by all parties is false.

An engagement letter, which outlines the terms and conditions of a business agreement, can be modified post-signature if all involved parties agree to the changes. This typically requires a formal amendment process, with each party's signature to confirm their acceptance of the new terms. It is not uncommon for circumstances or stipulations to change, necessitating revisions to an initial agreement. Therefore, flexibility is built into contract law to allow for such modifications.