Unlike the UCC,the CISG Requires New Consideration to Modify a Contract

question 43

True/False

Unlike the UCC,the CISG requires new consideration to modify a contract.

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Definitions:

Fringe Benefits

Benefits provided to employees in addition to wages and salaries.

Recognized

In accounting, refers to the formal acknowledgment of a financial transaction or position within financial statements.

Social Security Taxes

Taxes collected from employees and employers to fund the Social Security program, providing benefits for retirees, disabled individuals, and survivors.

Federal Unemployment Taxes

Taxes imposed on employers based on employee wages to fund unemployment compensation to workers who have lost their jobs.