The Uniform Commercial Code dispenses with the requirement for consideration in contracts that involve:
A) a merchant's firm written offer of an irrevocable contract.
B) an oral discharge of a claim for an alleged breach of contract.
C) modifications on future contracts.
D) modifications to executed contracts.

Question

Quizplus · Accepted Answer

The UCC allows for merchants to make firm written offers of irrevocable contracts without requiring consideration, as it is assumed that both parties are knowledgeable and experienced in the industry and can negotiate terms fairly.

Answer: C and D
 The UCC allows for modifications to future contracts without requiring additional consideration as long as they are made in good faith. Similarly, modifications to executed contracts may also be made without the need for consideration as long as both parties agree in good faith.

The Uniform Commercial Code Dispenses with the Requirement for Consideration