Buyer and Seller Enter into an Agreement on April 26

question 61

Multiple Choice

Buyer and Seller enter into an agreement on April 26 for the sale of a piece of equipment for $595.This agreement is in writing and calls for delivery and payment on June 1.On May 10,the Buyer and Seller orally agree to reduce the price to $495 because the Buyer has agreed to delay the delivery date to July 1.Which of the following is true?

• A) The modified agreement is enforceable even though it was an oral modification to a written contract.
• B) The parol evidence rule would prohibit the introduction of evidence of the contract modification.
• C) The modified agreement is unenforceable because it is lacking consideration.
• D) The modified agreement is enforceable because it was made within one year of the date that the original contract was executed.

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Definitions:

Negative Terms

Words or phrases that express denial, disagreement, or opposition, often used to describe the absence or opposite of something positive.

Tungsten Filament

A thin wire made of tungsten used as the light-emitting component inside incandescent light bulbs.

Unmarried

The state of not being married or not having entered into a marital union.

Metaphorical

Pertaining to or characteristic of a metaphor; using a figure of speech in which a word or phrase is applied to an object or action to which it is not literally applicable.