Which of the following statements is true about the modification of an existing contract under the Uniform Commercial Code?
A) Agreements to modify contracts for the sale of goods need consideration to be binding.
B) If the price of the goods in a modified agreement is $500 or more, the modification is enforceable.
C) There is no duty to agree to a modification.
D) There is no legal prohibition against agreements that result from coercion.

Question

Quizplus · Accepted Answer

"There is no duty under the Uniform Commercial Code to agree to modify an existing contract for the sale of goods. However, if the parties agree to do so, the modification needs no consideration to be binding (2-209[1]).

Which of the Following Statements Is True About the Modification