Risks Ordinarily Assumed in Business Do Not Constitute Consideration for the Modification

question 21

True/False

Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.

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Definitions:

Price Decrease

A reduction in the cost of a good or service that can result from various factors such as increased supply or decreased demand.

Supply

The complete quantity of a product or service that can be bought at a specific price point.

Supply Schedule

A table or graph showing the quantity of a good or service that producers are willing and able to supply at various prices.

Quantity Supplied

The inventory of products or services that is put up for sale by producers at a specified rate.