Under the Uniform Commercial Code,an Agreement Modifying a Contract

question 3

Multiple Choice

Under the Uniform Commercial Code,an agreement modifying a contract:

• A)always requires consideration.
• B)may not require consideration.
• C)requires consideration only when it is not written.
• D)requires consideration only when one of the parties is a minor.

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Definitions:

Social Exchange Theory

A sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits.

Equity

The concept of fairness or justice in the way people are treated, often related to social, economic, and legal contexts.

Romantic Love

A deep emotional, sexual, and romantic attraction that is associated with a range of physiological and psychological responses.

Mere Exposure Effect

A behavioral pattern where familiarity with objects or concepts leads to a preference for them.