Question
Tom offers to buy Jane's house for $200,000. They sign the contract, and closing is in 45 days.15 days before closing Tom tells Jane that
Tom offers to buy Jane's house for $200,000. They sign the contract, and closing is in 45 days.15 days before closing Tom tells Jane that he now believes $200,000 is too much for the house and only wants to pay $180,000.Jane is upset, but decides to agree in writing to the changed price.The previous contract says nothing about amending the contract in this manner, and Tom provides no new consideration to Jane for the lesser price.Is the second agreement enforceable as containing all the elements of a valid contract, i.e. offer, acceptance and consideration?Why or why not?
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