A legal definition contract modification refers to a change made to an existing contract. The modification can be made either by mutual agreement of both parties or by the discretion of one party, depending on the terms of the original contract.

In order for a contract modification to be legally binding, certain requirements must be met. First, both parties must agree to the modification in writing. This can be accomplished through an addendum, amendment, or a new contract that clearly outlines the changes made to the original agreement.

Second, the modification must be made for a valid reason. This can include a change in circumstances that make the original contract no longer feasible or a desire to add new terms that were not included in the original agreement.

It is important to note that any modification made to a contract can have legal implications and should be carefully considered before being agreed upon. This includes taking into account any potential legal or financial ramifications that could arise from the modification.

In addition, any modifications made to a contract must comply with state and federal laws, as well as any industry-specific regulations. Failure to comply with these laws could result in legal action against the parties involved.

Overall, a legal definition contract modification is a formal change made to an existing contract that must comply with certain requirements to be legally binding. It is important to carefully consider any modifications made to a contract and seek legal advice if necessary to ensure compliance with all applicable laws and regulations.