The Code Has Changed the Common Law Rule Regarding Modification

question 31

True/False

The Code has changed the common law rule regarding modification of a preexisting contract by providing that a contract for the sale of goods can be effectively modified by the parties without new consideration,provided they intend to do so and act in good faith.

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Definitions:

Echoic

Pertaining to auditory processing, specifically the memory system that retains auditory information.

Atkinson And Shiffrin

Atkinson and Shiffrin developed the multi-store model of memory, which proposes that memory consists of three stores: a sensory register, short-term memory, and long-term memory.

Sensory Memory

The shortest-term element of memory that provides the ability to retain impressions of sensory information after the original stimuli have ended.

Fleeting

Something that happens very quickly or lasts only a short time.