Stormville Oil

Under The Ucc An Agreement Modifying A Contract Needs No Consideration To Be Binding

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On June 12 or 13, 1963, three gunmen entered the First State Bank, Eubank, Kentucky, and stole the bank with weapons and threats of more than $30,000. Later that day, they were arrested by state police officers Garret Godby, Johnny Simms and Tilford Reppert, who were arrested, and all the loot was recovered. Later, all the prisoners were convicted and Garret Godby, Johnny Simms and Tilford Reppert attended the trial. A composition of creditorsAn agreement between creditors, which each accepts less than the full payment of a debtor, so that everyone gets something. debts and satisfaction. It is an agreement under which two creditors or more than one debtor agrees that the debtor pays them in proportion to the portions of the debt owed for the full payment of their debts. A composition agreement can be essential for a company in difficulty; It could allow the company to avoid bankruptcy. Even if the alleged action is less than the total amount owed and is due on time, so that there appears to be no consideration, the courts regularly implement these agreements. The promise of each creditor to accept a lower share of the debt to obtain something is seen as a reflection to support the promises of others. A debtor has $3,000 at his fingertips.

He owes $3000 each to A, B and C. A, B and C agreed to accept $1,000 each and to reduce the burden on the debtor. Each creditor gave up $2,000, but in return, they received at least one, the $1000. Without the composition, we might have received the full amount owed to him, but the others would not have received anything. In an exclusive contractA contract – as between the buyer and the seller – in which the parties agree only to deal with each other, one party (the franchisor) promises to deal exclusively with the other party (the franchisee) – for example, a franchisor designer agrees to sell all of its specially designed clothing to a particular store (the franchisee). In return, the shop promises to pay a certain percentage of the sale price to the designer. On closer inspection, it may seem that the store`s promise is illusory: it only pays the designer if he manages to sell clothes, but she cannot sell any of them. The franchisor may therefore attempt to withdraw from the agreement by arguing that, because the franchisee is not obliged to do anything, there is no consideration for her promise to look after the store exclusively. The UCC also allows one party to unload the other party without consideration in the absence of infringement and allows the parties to modify their section 2 contract without consideration. Single Code of Trade, sections 2 to 209 (4) and 2-209 (1). The official comments of the UCC section stated: “However, the amendments made to it must be consistent with the review of good faith imposed by this act.