With Regard to Consideration in a Sales Contract, the UCC

question 32

Multiple Choice

With regard to consideration in a sales contract, the UCC differs from the common law in that:

• A) consideration in a sales contract may be modified without additional consideration.
• B) consideration exchanged must be equal or very closely equal in sales contracts.
• C) consideration is not required in sales contracts.
• D) consideration in a sales contract may be modified as long as additional consideration is provided.

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Definitions:

Holding Constant

Holding constant is a method used in analysis where certain variables are kept unchanged in order to isolate the effects of other variables.

Independent Variables

Variables in a statistical model that are presumed to influence or cause changes in another variable, without being affected by it.

Increase

Increase refers to the action of becoming larger or greater in size, number, value, or amount.

Standard Error

A statistical measure that describes the accuracy with which a sample distribution represents a population, specifically the standard deviation of the sampling distribution of a statistic.