What is a material alteration of a contract?

A material alteration of a contract is a change that affects the terms and conditions of the contract in a major way. This could include changing the payment amount, duration of the contract, or any other major portion of the agreement. In Virginia, a material alteration of a contract is not valid unless both parties agree to the revised terms. If a contract is altered without the consent of the other party, then the contract is void and the parties may not be bound by its terms. Additionally, certain contracts are considered to be beyond the scope of material alteration, such as those involving real property, restrictive homeowner agreements, and public works contracts. When it comes to material alteration of a contract, it is important to consider the implications of the changes and to make sure that both parties are in agreement before making any alterations.

Related FAQs

What is the law of privity?
What is the Statute of Limitations?
What is a unilateral contract?
What is a rescission of a contract?
What is a merger clause?
What is implied in a contract?
What is equitable estoppel?
What are the types of contracts?
What is the effect of a novation of a contract?
What are the defenses to a breach of contract?

What is a material alteration of a contract?

Related FAQs

Related Blog Posts