Under the UCC,an Agreement Modifying a Contract Needs No Consideration

question 42

True/False

Under the UCC,an agreement modifying a contract needs no consideration to be binding.

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Definitions:

Inventory Adjustment

Modifications made to inventory records to reflect actual inventory levels, often after a physical count.

Inventory Turnover Ratio

A measure of how frequently a company sells and replaces its stock of goods within a certain period, indicating the efficiency of inventory management.

Merchandise Inventory

The goods a company has in stock and available for sale to customers.

Selling Activity

This refers to the process or actions involved in transferring ownership of goods or services from one party to another in exchange for money.