What Is True About the Consideration Required for Modifications Made

question 126

Multiple Choice

What is true about the consideration required for modifications made to a sales or lease contract?

• A) Under the UCC, no additional consideration is required for modifications made to a contract.
• B) Under common law, no additional consideration is required for modifications made to a contract.
• C) Under the UCC, additional consideration is required for modifications made to a contract.
• D) Under common law, additional consideration is required for modifications, only if, the modifications materially change the terms of the contract.
• E) Under both the UCC and common law, additional consideration is only required if the parties agree in the original contract to provide such additional consideration for modifications.

---

Definitions:

Socioeconomic Aspects

The social and economic factors that influence and characterize the conditions and quality of life in a society.

Political Aspects

The influence of political forces, policies, and structures on organizations and their strategies.

High Commissions

Fees or percentages paid for services or as part of a sales transaction, often earning larger amounts for higher sales or services.

Foreign Countries

Refers to any country other than one's own, emphasizing the differences in legal jurisdiction, culture, business practices, or government regulation.