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Questions and Answers
How does a subsequent agreement relate to an existing written contract?
How does a subsequent agreement relate to an existing written contract?
- It is created before the written contract to establish the initial terms.
- It serves only to clarify ambiguities and cannot alter the fundamental terms.
- It must be written and signed to have any legal effect on the original contract.
- It is a verbal agreement made after the written contract, capable of changing or canceling it. (correct)
In what form must a subsequent agreement be to modify or cancel an existing written contract?
In what form must a subsequent agreement be to modify or cancel an existing written contract?
- It can be a verbal agreement made after the written contract. (correct)
- It must be drafted by an attorney to ensure legal validity.
- It requires notarization to be legally recognized.
- A handshake is sufficient to indicate mutual consent to changes.
If a written contract is in place, what action does a subsequent agreement enable?
If a written contract is in place, what action does a subsequent agreement enable?
- It requires all disputes to be settled in arbitration.
- It enforces the original agreement more strictly, eliminating loopholes.
- It allows for retroactive changes to the original agreement.
- It permits parties to change or even cancel the original contract through a verbal agreement. (correct)
When can a subsequent agreement be created relative to the original written contract?
When can a subsequent agreement be created relative to the original written contract?
What is the primary difference between the original contract and a subsequent agreement regarding their form?
What is the primary difference between the original contract and a subsequent agreement regarding their form?
You have a written contract with a supplier, but due to unforeseen market changes, you verbally agree to adjust pricing terms. What is this verbal agreement considered?
You have a written contract with a supplier, but due to unforeseen market changes, you verbally agree to adjust pricing terms. What is this verbal agreement considered?
Two parties have a signed lease agreement for a property. Later, they verbally agree to allow pets, even though the original lease prohibits them. What effect does the verbal agreement have?
Two parties have a signed lease agreement for a property. Later, they verbally agree to allow pets, even though the original lease prohibits them. What effect does the verbal agreement have?
After signing a contract for software development, the client and developer verbally decide to reduce the scope of the project and lower the total cost. How is this best characterized?
After signing a contract for software development, the client and developer verbally decide to reduce the scope of the project and lower the total cost. How is this best characterized?
You have a written agreement to purchase goods, but before delivery, both parties verbally agree to cancel the order due to a change in business circumstances. What is the legal implication?
You have a written agreement to purchase goods, but before delivery, both parties verbally agree to cancel the order due to a change in business circumstances. What is the legal implication?
Two companies have a written agreement outlining service level expectations. Later, they verbally agree to relax these expectations temporarily due to staff shortages. What impact does this have?
Two companies have a written agreement outlining service level expectations. Later, they verbally agree to relax these expectations temporarily due to staff shortages. What impact does this have?
Flashcards
Subsequent Agreement
Subsequent Agreement
A verbal agreement made after a written contract is created, which can change or cancel the original contract.
Study Notes
Key Points on Subsequent Agreements
- A subsequent agreement is a verbal agreement
- This agreement is made after the written contract is established
- A subsequent agreement has the power to modify
- A subsequent agreement has the power to cancel the original contract
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