A . How does Article 2 of the UCC modify the common law of contracts with regard to consideration? b. Explain how output and requirements contracts differ from illusory promises
a . Article 2 of the UCC states that the modification of an existing contract for the sale of goods is enforceable without consideration provided both parties intend to modify the contract and they act in good faith.
b. An output contract is an agreement of a seller to sell its entire production to a particular buyer. A requirements contract is an agreement to purchase from a particular seller all the materials of a particular kind that the purchaser needs. These contracts are not illusory. Illusory promises are words of promise that make performance entirely optional with the purported promisor.
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