Under the UCC,an Agreement Modifying a Contract Needs No Consideration

question 42

True/False

Under the UCC,an agreement modifying a contract needs no consideration to be binding.

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Definitions:

U.S. Safety Standards

Regulations and guidelines set forth to ensure the safety and health of consumers and workers in the United States.

Creditors

Individuals or institutions to whom money is owed by debtors or borrowers.

Credit-Reporting Agencies

Entities that collect and disseminate information about the credit history of individuals and businesses.

Fair Credit Reporting Act

A federal law designed to ensure the accuracy, fairness, and privacy of consumer information contained in the files of credit reporting agencies.