Business Homework Solutions
Problem
#10355

Contracts are discussed briefly.

X and Y have a contract which obligated X to sell Y 100 boxes of screws for $100.  The parties orally midify the contract so that X will sell Y the same 100 boxes for $125.  The 2nd agreement:
a.  is not binding because it is oral
b.  is not binding because x has only promised to perform a preexisting legal obligation
c.  is not binding because it is an outputs contract
d.  is binding


Solution Summary

Facets of the oral contract are briefly listed.

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