In a Contract for the Sale of Goods, Any Modification

question 15

True/False

In a contract for the sale of goods, any modification made by the parties to the contract must be supported by consideration to be binding.

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Definitions:

Taxable Income

The portion of an individual's or corporation's income upon which taxes are assessed, after allowances for deductions and exemptions.

Total Tax

The combined amount of all taxes imposed by different levels of government on individuals or businesses.

Average Tax Rate

The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage.

Taxable Income

The amount of an individual's or a corporation's income used to determine how much tax they owe, after exemptions and deductions are factored in.