An indorsement “Pay to Jones Construction Company upon completion of the job at
No. 10 Park Place” is nonnegotiable.
Under the common law, a modification of a preexisting contract must be supported by
mutual consideration; under the Code, a contract can be modified without new
consideration.
The U.S. District Court is the trial court in the federal court system.
Discuss the similarities or possible differences between the parol evidence rule under
the common law of contracts and the parol evidence rule found in Article 2.
A contract in which a party promises to render a certain performance not to the other
party but to a third person is called a third-party beneficiary contract.
Under the Revised Act, dividends must always be paid in money.
RULPA does not distinguish between the duty of care owed by a general partner to a
general partnership and that owed by a general partner to a limited partnership.