The General Common Law Rule on Contract Modifications Holds That

question 58

Multiple Choice

The general common law rule on contract modifications holds that an agreement to modify an existing contract requires a(n) :

• A)necessary increase in the value of the exchange.
• B)inclusion of a new party to the contract.
• C)new and independent consideration.
• D)economic exchange of substantial value.

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Definitions:

Scientific Method

A systematic process of observation, experimentation, and analysis used to advance knowledge in the sciences.

Economists

Professionals who study, develop, and apply theories and concepts from economics to analyze how societies use resources to produce and distribute goods and services.

Broad Generalizations

Sweeping statements or conclusions that apply to a large group of people or situations, often oversimplifying complex issues.

Scientific Method

A systematic and empirical approach to research in which a problem is identified, hypotheses are formulated, experiments or observations are conducted, and conclusions are drawn.