Independent Consideration Required for Contract Modification [2009-12-28]
In Margeson v. Artis, the Iowa Supreme Court on December 18, 2009, decided that independent consideration was required for a contract modification. No consideration exists when the promisee has a preexisting duty to perform because a promisor is already entitled to receive the promise made by the promisee and the promisee has only made what amounts to a gratuitous promise as stated in Recker v. Gustafson, 279 N.W.2d 744, 758 (Iowa 1979).