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A homeowner contracted with a painter to paint a house for $9,000. After starting, the painter realized that paint prices had increased in the ordinary course of business and refused to continue unless the homeowner promised an additional $2,000. The homeowner signed a note promising to pay the extra amount, and the painter completed exactly the work required by the original contract. The homeowner refuses to pay the extra $2,000.
Which statement is most accurate under the common law?

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The owner's promise to pay more is enforceable because promising to perform an existing contractual duty is always new consideration. The owner's promise to pay more is unenforceable for lack of consideration if the contractor merely promised to do the same work already owed and the higher cost was an ordinary risk. The owner's promise to pay more is enforceable because any written modification of a service contract is valid without consideration. The owner's promise to pay more is unenforceable only if the contractor acted in bad faith, because common-law modifications never require consideration.

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