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Alteration of contract is the modification of the terms of a contract with the assent of both parties. Effect of alteration of a contract is that a new contract is formed, to be supported by a good consideration.
The power to alter or amend a contract is to change it as between the original parties, and such others only, as have been permitted, by their mutual consent, to come into the enjoyment of its benefits and privileges; not to compel one of the parties to operate in conjunction with others, and share with them the privileges and benefits of the contract. [Sage v. Dillard, 54 Ky. 340 (Ky. 1854)].