ABSTRACT
Sometimes, parties who have entered into a contract find that they want to vary the terms of that contract for whatever reason. In such a case it is important to look back at the topic of consideration. Say, one of the parties agrees to pay more than the original price; is that party bound by that new promise to pay the higher price? Our study of consideration would say that the party agreeing to pay the higher price has furnished new consideration but has not received any new consideration. In such a case there is no new contract to pay the higher price. There is a new agreement, but that new agreement is not supported by fresh consideration. This chapter explains how parties to a contract can vary the terms of the original contract so as to make the new contract binding on both parties.
