Suppose Two Parties to a Contract That Is Under the UCC

question 97

Multiple Choice

Suppose two parties to a contract that is under the UCC decide to make a significant change in the contract, obligating the seller to provide more goods. When the terms of the contract change, it requires:

• A) fair market value consideration
• B) at least nominal consideration
• C) trade usage consideration
• D) signing a new contract to evidence a willingness to change
• E) no consideration

---

Definitions:

Stock Split

An increase in a firm’s shares outstanding without any change in owner’s equity.

Retained Earnings

Profit that is not distributed to the shareholders but is kept by the company for future investment or to pay off debt.

Dividend Income

Income received from owning shares of a company in the form of dividends.