Which of the following is required for a valid modification of contracts under Georgia law?

In Georgia, for a contract modification to be valid, it must consist of both mutual assent and consideration. Mutual assent refers to the agreement between the parties to the contract on the new terms, indicating that both sides accept the changes being proposed. Consideration refers to something of value that is exchanged between the parties. This could involve a benefit to one party or a detriment to the other, essentially ensuring that there is a reason for both parties to agree to the new terms.

The requirement for both mutual assent and consideration stems from the principle that a contract is a legally binding agreement, and any changes to such an agreement must also meet the same legal standards that were in place for the original contract. Without consideration, a mere agreement to modify the contract may not hold up in court, as it could be deemed unenforceable.

While agreement can sometimes occur informally, and there are specific situations where modifications may be allowed without fresh consideration (like in a modified agreement under the statute of frauds or under certain uniform commercial code provisions), the general rule requires both elements for a valid and enforceable modification. Thus, claiming that only mutual assent or only consideration is sufficient would overlook the essential nature of contract law's requirements in Georgia.