Modifying a Contract

Modifying a Contract

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The video discusses contract modification under common law and the UCC, emphasizing the need for consideration and writing requirements, especially under the Statute of Frauds. It highlights exceptions for merchants and jurisdictional differences in enforcing modification clauses. The importance of writing in the sale of goods is also covered.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is generally required for a modification to a contract under common law and the UCC?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What role does consideration play in the modification of a contract?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

Under what circumstances might a unilateral modification be unenforceable?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

How does the Statute of Frauds affect the requirement for modifications to be in writing?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What should one check regarding the law in their jurisdiction when dealing with contract modifications?

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