Buyer and Seller enter into an agreement on April 26 for the sale of a piece of equipment for $595.This agreement is in writing and calls for delivery and payment on June 1.On May 10,the Buyer and Seller orally agree to reduce the price to $495 because the Buyer has agreed to delay the delivery date to July 1.Which of the following is true?

Question

Quizplus · Accepted Answer

The modified agreement is enforceable even though it was an oral modification to a written contract. While some contracts may require modifications to be in writing, the original contract did not have this requirement. Additionally, the modification was supported by consideration as the Buyer agreed to delay delivery. The parol evidence rule does not apply in this scenario as it only prohibits extrinsic evidence that contradicts or alters the terms of a written contract, not evidence of a subsequent oral modification.

Buyer and Seller Enter into an Agreement on April 26