Contrast the Requirement of Consideration for Modification of Contracts Under

question 82

Essay

Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.

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Definitions:

Reasonable Value

The fair or market value of goods or services, used when a contract does not specify a price or when damages are assessed.

Necessary

Something essential or required in a particular situation, condition, or for a specific purpose.

Severely Intoxicated

A state of being under the influence of alcohol or drugs to a degree that significantly impairs one's mental and physical functions.

Disaffirmed

The act of denying, refusing to recognize, or invalidating an agreement or contract, especially in cases where one party lacks the capacity to enter into the agreement.