Suppose Two Parties to a Contract That Is Under the UCC

question 18

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 the willingness to change
• E) none of the other choices

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Definitions:

Tenants

Individuals or entities that occupy property or land rented from a landlord and are subject to the terms of a lease.

Tenancy in Common

A form of joint ownership of property in which each owner holds an undivided interest without right of survivorship.

Corporation

A legal entity separate from its owners, providing limited liability protection to its shareholders, and possessing the ability to own property, enter contracts, and sue or be sued.

Fixture

An item that was once movable personal property but has been attached to, and becomes part of, the real estate.