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A contract can be modified, but such modifications generally require the same level of formality as the original agreement and typically necessitate new consideration. Under the UCC, there are exceptions for merchants where modifications might not need new consideration. However, unilateral modifications without consideration are generally unenforceable. A key issue arises regarding whether modifications must be in writing, especially if the original contract was in writing or fell under the statute of frauds. The UCC usually requires written modifications, while common law jurisdictions may have varying interpretations on whether a written modification is necessary if the original contract was subject to the statute of frauds.
