Asked by Jocelyn Raygoza on Jul 05, 2024
Verified
Guy and Boyd make an oral contract whereby Guy agrees to sell Boyd 480 widgets (goods) at a price of $480.Later,the parties want to modify the contract so that the price would become $520.This modification:
A) must be in writing.
B) must be oral because the first contract was oral.
C) can be oral but need not be.
D) is unenforceable because the first contract is unenforceable.
Modification
The process of making changes or alterations to something, such as a contract or plan, to correct or improve it.
Oral Contract
is an agreement between parties that is spoken and not written, yet it is legally binding.
- Determine the documentation necessary to comply with the statute of frauds.
- Discern between oral contracts that are legally enforceable and those that are not, under diverse legal doctrines.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
A
Explanation :
According to section 2-201 of the UCC,contracts for the sale of goods for the price of $500 or more,are unenforceable unless written.Agreements to modify existing sales contracts can fall within the statute of frauds if the contract as modified is for a price of $500 or more.UCC section 2-209(3)provides that the requirements of the statute of frauds must be satisfied if the contract as modified is within its provisions.
Learning Objectives
- Determine the documentation necessary to comply with the statute of frauds.
- Discern between oral contracts that are legally enforceable and those that are not, under diverse legal doctrines.