A Modification of a Preexisting Contract Occurs When the Parties

question 17

True/False

A modification of a preexisting contract occurs when the parties agree to change one or more of its terms and,under the common law,must be supported by mutual consideration to be enforceable.

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Definitions:

Weak Situation

Contexts in which social norms, cues, or other situational factors are ambiguous, allowing for a greater variety of behaviors and making personal dispositions more influential.

Personality Differences

Variations in the patterns of thinking, feeling, and behaving that distinguish individuals from one another.

Situationism

The theory that behavior is determined more by situations than by personality traits.

Locus Of Control

A psychological concept that refers to individuals’ beliefs about the extent to which outcomes in their lives are under their own control versus external forces.