A Few States Provide by Statute That the Parties Need

question 14

True/False

A few states provide by statute that the parties need to provide no new consideration when modifying any contract.

---

Definitions:

Mutually Exclusive Projects

Projects that, when considered by a business, only one can be chosen as they compete for the same resources.

Straight-line Depreciation

A process for dividing the price of a tangible property into uniform yearly portions throughout its operational life.

Salvage Value

The estimated residual value of an asset at the end of its useful life, often considered in depreciation calculations.

Payback Period

The length of time required to recover the cost of an investment or to reach a breakeven point.