Under Article _____________ of the UCC, an Agreement Modifying a Contract

question 19

Multiple Choice

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

• A) One
• B) Two
• C) Three
• D) Five
• E) None of these. There is no such rule in the UCC.

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum quantity of goods and services that can be produced by an economy given its available resources and technology, illustrating the trade-offs in production volume between two commodities.

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time, reflecting improvements in living standards.

Funding

The act of providing financial resources, typically in the form of money, or other values such as effort or time, to support a program, project, business, or individual.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, which leads to the necessity of making choices on how to allocate resources.