Joel and Ben enter a contract on March 1, 2022, in which Joel loans Ben $10,000. The contract further states that Ben will repay the loan by paying $10,000 to Joel on December 31, 2022.

Subsequently they enter a new contract, in which Ben agrees to pay $9500 to Joel on Nov. 1, 2022, and Joel agrees that this Nov. 1 payment will be considered to be in full payment of the original loan.

Did both Ben and Joel receive consideration in the new agreement? Explain.