Which of the Following Is True About Contracts That Have

question 72

Multiple Choice

Which of the following is true about contracts that have been subsequently modified?

• A) Parol evidence contradictory to the final terms is admissible.
• B) Parol evidence regarding a contract's subsequent modification is inadmissible.
• C) If the agreement is required to be in writing because it is within the statute of frauds, oral modifications are unenforceable.
• D) Oral evidence of a subsequent written agreement is inadmissible.
• E) If the contract's terms require that modification be in writing, oral modifications are admissible.

---

Definitions:

Lump Payment

A single, one-time payment made for a significant amount instead of breaking the payment into installments.

Compounded Quarterly

Interest calculation method where the interest is added to the principal every three months or four times a year.

Amortization Period

The total time period over which a loan or a mortgage is scheduled to be paid off through regular payments that cover both principal and interest.

Compounded Semi-annually

A method of calculating interest where the interest amount is added to the principal amount twice a year, leading to compound growth.