An Agreement to Modify a Contract for the Sale of Goods

question 38

Multiple Choice

An agreement to modify a contract for the sale of goods:

• A) is only binding if supported by consideration.
• B) has to be voluntary in order to be enforceable.
• C) is only binding if the original contract is invalid.
• D) all of the above.

---

Definitions:

Financing

The process of providing or obtaining the funds necessary for investment, expansion, or operations.

Repayments

Amounts of money paid back to lenders or creditors in partial or full settlement of a loan or debt.

Cash Collections

The process of gathering all cash payments received from customers as a result of sales or other transactions.

Uncollectible

Refers to debts or receivables that are deemed unrecoverable from debtors or customers, often written off as bad debts.