Which of the Following Is True of Preexisting Contractual Duties

question 56

Multiple Choice

Which of the following is true of preexisting contractual duties and their modification under the UCC?

• A)There is no provision of modifications due to unforeseen circumstances.
• B)No modifications can be made to an existing contract that is binding.
• C)Modification requires "mere agreement" on the part of those involved.
• D)Rules for contractual modifications are different for the UCC and the CISG.

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Definitions:

Wilderness Campgrounds

Designated camping areas within natural, undeveloped landscapes, often in national parks or forests, where people can camp with minimal facilities, emphasizing an experience close to nature.

Estimated Value

An appraisal of the worth of something, such as an asset or a company, based on available data but subject to adjustments as more information becomes available.

Discount Rate

The interest rate charged to commercial banks and other depository institutions for loans received from a country's central bank's discount window; also the rate used to discount future cash flows in discounted cash flow analysis.

Project Risk

The potential for losses or less-than-expected outcomes in a specific project, due to factors such as cost overruns, underperformance, or delays.