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:

KISS Principle

“Keep It Simple, Stupid” principle suggests that systems or solutions should be as simple as possible to prevent complications.

Semantic Barriers

Obstacles to effective communication caused by differences in interpretation of words or phrases.

Communication Transmissions

This term appears to be a variation on the concept of communication channels or processes which involve the sending and receiving of messages between individuals or groups.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a disregard for other groups.