The Restatement 2nd of Contracts Section 87: Understanding Its Importance
If you`re a legal professional or anyone interested in contract law, you may have come across the Restatement 2nd of Contracts Section 87. This section is critical in contract law as it covers the topic of modification of a contract without the consent of both parties.
What is Section 87?
Section 87 of the Restatement 2nd of Contracts provides the framework for the modification of contracts without requiring the consent of both parties. It identifies situations in which modifications can be enforced, even if one party has not given express consent.
The section states that an attempted modification will be valid if the parties have initially agreed to the modification method, but no agreement was reached concerning the particular modification. Furthermore, the modification must be fair and reasonable under the circumstances, and there should be no undue prejudice to any of the parties involved.
Why is Section 87 important?
The Restatement 2nd of Contracts is a highly respected legal document that outlines the fundamental principles of contract law. Section 87 is significant as it provides a clear guideline for judges, lawyers, and other legal professionals when determining if a modification can be enforced.
The section recognizes that contracting parties can change their agreement after they have signed the contract, and that such changes may not always be explicitly stated or agreed upon. This section allows for parties to modify contracts under certain circumstances while still ensuring that neither party is taken advantage of.
Modifications without the consent of both parties typically lead to legal disputes, which can result in extensive court proceedings. Section 87 provides legal professionals with a framework for timely, efficient, and impartial resolution of such disputes.
In conclusion, the Restatement 2nd of Contracts Section 87 plays a crucial role in contract law. It is crucial in providing legal professionals with a framework for determining whether modifications are enforceable under certain circumstances. The section emphasizes the importance of fairness and reasonableness, which is vital in ensuring that both parties are treated equally. As such, it is essential to understand the importance of Restatement 2nd of Contracts Section 87 when dealing with modifications to contracts.