offer and acceptance: requirement/output; modification

Question 1

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What section governs contract modification and waiver?

Answer 1

2-209

Question 2

Do modifications under the UCC require consideration?

Answer 2

No

Question 3

Modifications must be made under . . .

Answer 3

good faith

Question 4

What is “good faith”? What section defines?

Answer 4

2-103. Good faith is honesty in fact and hte observance of reasonable commercial standards of fair dealing in the trade.

Question 5

What is a requirement contract?

Answer 5

Buyer agrees to buy all of their requirements of a given commodity/good from seller.

Question 6

What is an output contract?

Answer 6

Seller agrees to sell all of their output in a given commodity/goode to buyer and buyer agrees to buy that amount from seller.

Question 7

What section governs requirement and output contracts?

Answer 7

2-306

Question 8

What are the 9 gap filler provisions?

Answer 8

1. § 2-305. Open Price Term.
2. § 2-306. Output, Requirements and Exclusive Dealings.
3. § 2-307. Delivery in Single Lot or Several Lots.
4. § 2-308. Absence of Specified Place for Delivery.
5. § 2-309. Absence of Specific Time 6. Provisions; Notice of Termination.
6. § 2-310. Open Time for Payment or Running of Credit; Authority to Ship Under Reservation.
7. § 2-509. Risk of Loss in the Absence of Breach.
8. § 2-504. Shipment by Seller.

Question 9

How is waiver of a term in an installment contract completed?

Answer 9

2-209(5). By providing reasonable notice of the retraction unless retraction would be unjust in view of material change of position in reliance on the waiver

Question 10

Generally (in non-installment), how is a contract term waived?

Answer 10

orally without consideration