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Joiner Industries agrees to sell to Browning $500$ bolts for $$1\mathrm{.}00$ each. After the first $250$ bolts are produced, Joiner realizes that they severely under$-$priced the bolts and that if they continued to make and to sell the additional $250$ bolts at the agreed upon price, they would lose a lot of money and most likely go out of business. They approached Browning with their dilemma and requested that they increase the price per bolt to $$1\mathrm{.}50$ each for the entire contract. Browning agreed. According to the UCC which statement below is correct about the modification of the terms of the contract?

Multiple Choice

The modification is valid if the court determines the new price represents the fair market value of the bolts.

The modification is not valid as the original contract cannot be modified once partial performance occurs.

The modification is invalid because it was not supported by additional consideration.

The modification is valid as the UCC does not require any additional consideration to modify the contract.