Asked by Jeannie Howell on Jul 30, 2024
Verified
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.
UCC
The Uniform Commercial Code represents an all-encompassing series of legal directives that control all forms of commercial transactions within the U.S.
Contractual Duties
Obligations that parties are legally bound to perform as specified in a contract.
CISG
The United Nations Convention on Contracts for the International Sale of Goods, which governs the sale of goods between parties based in different countries.
- Identify the influence of consideration on changes and agreements in contracts.
Verified Answer
Learning Objectives
- Identify the influence of consideration on changes and agreements in contracts.
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