Parties May Modify a Contract with No New Consideration by Substituting

question 37

True/False

Parties may modify a contract with no new consideration by substituting a new contract for the old one.

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Definitions:

Budgeted Sales

Projected sales figures used in financial planning and budgeting that estimate future sales during a specific period.

Budgeted Purchases

An estimate of the total purchases a business plans to make during a certain time period.

Amount Collected

The total money received or gathered from various sources, such as payments or sales.

Direct Materials Purchases

The acquisition of raw materials that are directly incorporated into a finished product during the manufacturing process.