The UCC Requires a Contract Modification to Be Supported by New

question 39

True/False

The UCC requires a contract modification to be supported by new consideration.

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Definitions:

Pollution Abatement

Actions taken to reduce, control, or eliminate pollution from sources in order to protect the environment.

Marginal Utility

The supplementary utility or enjoyment obtained by consuming an additional unit of a good or service.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Deadweight Loss

Reductions in combined consumer and producer surplus caused by an underallocation or overallocation of resources to the production of a good or service. Also called efficiency loss.