A company contracted with a builder to construct a new corporate headquarters in St$.$ Petersburg, Florida, for a fixed price of $$250$ million. When the contract was fully executed, structural steel was widely available and was included in the contract as a $$10$ million item. Before work began on the project, hurricane damage shut down the production facility of the biggest structural steel supplier in Florida. So the price of structural steel went up by $25\%.$ The builder told the company that its steel costs had increased, and the parties then orally agreed to increase the project price to $$252$ million. The builder proceeded with construction and delivered the project on time. The company paid the builder $$250$ million but refused to pay the additional $$2$ million. If the builder sues the company for $$2$ million, what is the most likely result?

The builder will win because the company's promise was supported by consideration.

The builder will lose because the modification was never reduced to a writing signed by the party to be charged.

The builder will lose because there was no consideration for the modification of the contract.

The builder will win because the modification was fair and equitable in view of the unanticipated increase in the price of structural steel.

A company contracted with a builder to construct a new corporate headquarters in St$.$ Petersburg, Florida, for a fixed price of $$250$ million. When the contract was fully executed, structural steel was widely available and was included in the contract as a $$10$ million item. Before work began on the project, hurricane damage shut down the production facility of the biggest structural steel supplier in Florida. So the price of structural steel went up by $25\%.$ The builder told the company that its steel costs had increased, and the parties then orally agreed to increase the project price to $$252$ million. The builder proceeded with construction and delivered the project on time. The company paid the builder $$250$ million but refused to pay the additional $$2$ million. If the builder sues the company for $$2$ million, what is the most likely result?

The builder will win because the company's promise was supported by consideration.

The builder will lose because the modification was never reduced to a writing signed by the party to be charged.

The builder will lose because there was no consideration for the modification of the contract.

The builder will win because the modification was fair and equitable in view of the unanticipated increase in the price of structural steel.