Austin Instrument, Inc. v. Loral Corp.
Citation
29 N.Y.2d 124 (1971)
Facts
Stub — to be completed.
Issue
Stub — to be completed.
Holding
Stub — to be completed.
Rule
A contract modification induced by economic duress is voidable; economic duress exists when a party is compelled to agree by a wrongful threat and has no reasonable alternative but to comply.
Significance
Leading case on economic duress as grounds to avoid a contract modification.