Asked by Leanna Lolita on Jul 27, 2024
Verified
X and Y have a contract,which obligated X to sell Y 100 boxes of screws for $100.The parties orally modify the contract so that X will sell Y the same 100 boxes of screws for $125.The second agreement is:
A) binding because it is due to unforeseeable situation.
B) binding by virtue of being mutually agreed on.
C) not binding because it is an outputs contract.
D) not binding due to the promise of performing a preexisting legal obligation.
Preexisting Legal Obligation
An obligation that existed before the current situation or agreement, which may affect the validity of a new contract.
Outputs Contract
An agreement in which the seller agrees to sell all of the production at its facility to a buyer, who agrees to purchase it, often used in industrial or farming contexts.
Oral Modify
The act of making changes or amendments to an existing contract through spoken agreement, as opposed to written modifications.
- Understand the role of consideration in altering and concluding contracts.
Verified Answer
Learning Objectives
- Understand the role of consideration in altering and concluding contracts.
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