This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
This contract entered into this --------- day of ---------, A. D. 19-, by and between A. B., of the City of ---------, State of ---------, party of the first part, and C. D., of the City of ---------, State of ---------, party of the second part,
That whereas, on or about the --------- day of ---------, said A. B. and said
C. D. entered into a contract, a copy whereof is hereto attached and incorporated herein by reference;
And, whereas, said A. B. and C. D. have each agreed to modify certain terms of said contract;
Now, therefore, it is mutually agreed, that in consideration of the covenants and releases hereinafter contained, said A. B. is hereby released and discharged from the performance of the clause of said contract whereby he agreed to --------- [insert clause which parties have agreed to waive]; and in consideration of said release and discharge, said A. B. in lieu of the performance of said clause hereby agrees to --------- [insert covenant which parties have agreed to accept as a substitute for the corresponding clause of the original contract]; and said C. D. hereby agrees to accept the last-mentioned covenant of said A. B., herein contained, in place of the aforesaid covenant in said original contract contained.
In witness whereof, etc.
If the clause In question has been performed In part before the modification thereof is made, a clause should be added fixing the amount of compensation which is to be made for such part performance; or fix the basis upon which such compensation is to be determined; or providing: expressly that no compensation is to be made for such part performance as part consideration for such release from further performance.
For the consideration for a new contract, see Sec. 610 and 2461 et seq.
For new contract as discharge, see Sec. 2457 et seq.
For payment, see Sec. 2802 et seq.
For negotiable instrument as payment of prior obligation, see Sec. 2813 et seq
For breach by renunciation, see Sec. 2891.