Assume Northern Company contracts with Speedy Manufacturing for the purchase of 200 custom manufactured lights to be delivered to Northern Company by August 1 of the current year. Northern Company promises to pay $5,000 for the 200 lights. Due to a shortage in materials nationwide, Speedy Manufacturing Company requests an extension for the performance of October 1 of the current year. Northern agrees. Which of the following statements is true regarding this situation?

The promise to extend the due date for performance will not necessarily have to be supported by consideration under the UCC

The promise to extend performance is considered a release under the UCC

The promise to extend the due date of performance is considered an accord and satisfaction under the UCC

The promise to extend the due date for performance must be supported by consideration under the UCC

Answer rating: 100% (QA)

012D The promise to extend tue due date of perform... View the full answer