Under the Common Law, Contract Modifications Must Be Supported by New

question 150

Multiple Choice

Under the common law, contract modifications must be supported by new consideration to be binding on the parties. Under UCC Article 2:

• A) parties can only modify an existing sales contract in court
• B) parties may not add new consideration to an existing sales contract
• C) parties need not provide new consideration to modify an existing sales contract
• D) parties need to provide new consideration to modify an existing sales contract
• E) parties cannot modify an existing sales contract

---

Definitions:

Integral Project

A comprehensive plan that encompasses all necessary aspects and resources to achieve its goals and deliverables.

Non-Strategic View

An approach that does not involve long-term planning or competitive strategizing within a particular domain or industry.

Terms of Agreement

The conditions and stipulations determined by parties involved in a contract or agreement.

Outside Options

Alternatives available to negotiating parties if current negotiations fail, affecting their bargaining power.