Practice Quiz

DSST Business Law II Exam Prep

Category - DSST Business Law II

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Under common law, in order for a modification of the terms of a contract to be effective, there must be:
  1. Additional consideration.
  2. A new written agreement.
  3. A new oral agreement.
  4. A handshake agreement.
  5. None of the above.
Explanation
Answer: A. Under common law, in order for a modification of the terms of a contract to be effective, there must be additional consideration. Both parties must agree to the modified terms and additional consideration. It is not necessary for the parties to revoke the original contract and execute a new written or oral contract.
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