Contracts govern the way many small businesses in Florida conduct their trade. As the Florida Bar points out, the offer and acceptance made between two or more parties create the legal framework for the services or goods that are provided in exchange for compensation. Once a contract is signed, it is legally binding. Failing to meet the terms of the agreement is known as breach of contract, and is grounds for a lawsuit.
To prevent business litigation, a person may be able to make modifications to the original contract if the other signee is willing. According to Chron.com, whether the terms of the contract can be changed and how the transaction is conducted depends on the type of agreement and the situation requiring the amendment.
If the modification involves the sale of goods, there is no need to create new terms of compensation, also known as consideration, if both parties agree and it is done in good faith. Circumstances that alter the ability of one party to fulfill the terms of the contract may also be cause for modification without a new consideration.
Making changes to a contract involving services typically does require a change in compensation, such as an agreement to provide an additional service in exchange for more money. For example, a property owner may request a change in the construction plans, and the contractor could determine a fair price for the changes. As long as both parties agree, this modification would become a part of the contract and it would be legally binding.