Amendments vs Addenda

An ADDENDUM is attached at formation — it adds terms to the offer before or at acceptance (financing addendum, lead-paint addendum) and is part of the original bargain. An AMENDMENT changes an EXISTING contract after both parties have signed — a price reduction after a bad inspection is an amendment, and it needs fresh mutual consent (signatures) to bind. Neither party can amend unilaterally. Exam cue: before/at signing = addendum; after signing = amendment. Both must be in writing for a real estate sale under the statute of frauds, and licensees should use promulgated or counsel-approved forms rather than drafting language.