Compare the Requirements of Consideration Under the UCC Article 2

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The Answer is Common law requires that consideration be a bargained for exchange of two things of legal value. Additionally, if a contract is to be modified under common law, additional consideration is required to support the modification. Under the UCC, while a contract does require consideration, or an exchange of things of legal value, a modification of the terms of the contract do not require new or additional consideration. The theory behind the differences is that the UCC recognizes that markets and commercial transactions change and vary and therefore it is reasonable to allow contracts to be able to be modified more freely as well.

Compare the Requirements of Consideration Under the UCC Article 2

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Compare the Requirements of Consideration Under the UCC Article 2

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Correct Answer:VerifiedShow Answer

Correct Answer:
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