Contracts: variation
This practice note outlines the rules governing the amendment of commercial contracts. It covers the legal requirements and formalities for variations, including the requirement for consideration and the execution of a variation as a deed. A key focus is the effectiveness of no oral modification clauses that require variations to be in writing. This practice note also explores the distinction between a variation and a more substantial change that terminates and replaces the original contract. The note also discusses the impact of variations on guarantees and third-party rights and examines unilateral variations and restrictions on altering consumer contracts.
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