Which of the following is true of consideration for modifying a sales or lease contract under the Uniform Commercial Code?
A) An agreement modifying a contract needs no consideration to be binding.
B) Modifying a contract requires consideration from the offeree's side.
C) An offeror who modifies a contract must do so by providing reasonable consideration.
D) The party providing the consideration must complete it within three months of acceptance.

Question

Quizplus · Accepted Answer

Under the Uniform Commercial Code (UCC), an agreement modifying a sales or lease contract does not require new consideration to be binding. This is a departure from the general contract law principle that consideration is necessary for a contract modification.

Which of the Following Is True of Consideration for Modifying