Under section 2-209 of the Uniform Commercial Code, agreements to modify existing contracts for the sale of goods:
A) need new consideration to be binding.
B) need no new consideration to be binding.
C) require parties to formally terminate their original agreement and start over.
D) need new consideration to be binding and require parties to formally terminate their original agreement.

Question

Quizplus · Accepted Answer

The Uniform Commercial Code has made a major change in the traditional rule in the case of agreements to modify existing contracts. Agreements to modify contracts for the sale of goods need no consideration to be binding (2-209[1]).

Under Section 2-209 of the Uniform Commercial Code, Agreements to Modify