Under the UCC, in order for a modification of the terms of a contract to be effective, there must be:
Explanation
Answer: E. Under the UCC, in order for a modification of the terms of a contract to be effective, neither additional consideration, a new oral agreement, or a handshake agreement is necessary. Section 2-209 of the UCC states that "an agreement modifying a contract ...needs no consideration to be binding." In contrast, contracts governed by common law require additional consideration in order for a modification of terms to be effective.
