Johnson v. Northern Oil Co.

Stone, Justice.

There must be valuable consideration in order to make a bilateral, executory agreement an enforceable contract. If the agreement be for the modification of such a contract, there results ordinarily a new one consisting of the old so far as it remains unchanged and the new terms and conditions introduced by the modification. The contract-making process has been repeated, and its essentials must be present. It follows that the new agreement is not a contract if it lacks consideration. King v. D. M. & N. Ry. Co. 61 Minn. 482, 68 N. W. 1105; 2 Dunnell, Dig. & Supp. § 1776.

That…