As at Common Law, Consideration Under Article 2 Is Required

question 42

True/False

As at common law, consideration under Article 2 is required for all contracts and for all modifications of contracts.

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Definitions:

Rising Interest Rates

A situation in which the cost of borrowing money increases, often due to central bank policies.

Speculative Motive

The intent to hold cash for the purpose of taking advantage of future financial opportunities that may arise.

Opportunity Cost

The loss of potential gain from other alternatives when one particular alternative is chosen.

Rate Of Interest

The percentage of an amount of money which is charged for its use per period of time, often expressed annually.