Oral Modification of a Contract Is Not Enforceable If the Parties

question 24

True/False

Oral modification of a contract is not enforceable if the parties agree that any modification of the sales or lease contract must be signed in writing.

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Definitions:

Deluxe

Refers to a superior or luxurious version of a product or service.

Variable Cost

Costs that vary directly with the level of production or services provided, such as materials and labor.

Net Income

The total profit or loss of a company after all expenses, taxes, and costs have been subtracted from total revenue.

Fixed Cost

A cost that does not change with an increase or decrease in the number of goods or services produced or sold.