Question

What rules govern the changes in a written contract?

Answer 1

Changes in a written contract are governed by the rules of contract law, including offer and acceptance, consideration, capacity, legal purpose, and mutual consent.

Step-by-step explanation:

Changes in a written contract are governed by the rules of contract law. These rules include:

1. Offer and Acceptance: The contract must begin with a valid offer and its acceptance by the other party.
2. Consideration: Both parties must exchange something of value, such as money or services, to make the contract legally binding.
3. Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of legal age and mentally competent.
4. Legal Purpose: The contract must have a lawful purpose and cannot involve illegal activities.
5. Mutual Consent: Both parties must fully understand and agree to the terms of the contract.

In case of any changes to the contract, the parties can negotiate and reach a new agreement through a process called contract modification. This can involve adding new terms, modifying existing terms, or removing certain provisions.

Answer 2

Most generally, instructions laid out in the contract itself. Other than that, they can be changed by consent of all parties, or in the case of a business, the majority of the stakeholders of the company .