GOL Sectiona Flashcards
Section 5-1109
Except as otherwise provided in section 2-205 of the uniform commercial code with respect to an offer by a merchant to buy or sell goods, when an offer to enter into a contract is made in a writing signed by the offeror, or by his agent, which states that the offer is irrevocable during a period set forth or until a time fixed, the offer shall not be revocable during such period or until such time because of the absence of consideration (payment) for the assurance of irrevocability. When such a writing states that the offer is irrevocable but does not state any period or time of irrevocability, it shall be construed to state that
the offer is irrevocable for a reasonable time.
GOL 5-1105
A promise in writing and signed by the promisor or by his agent shall not be denied effect as a valid contractual obligation on the ground that consideration for the promise is past or executed, if the consideration is expressed in the writing and is proved to have been given or performed and would be a valid consideration but for the time when it was given or performed.
GOL 5-1103
§ 5-1103. Written agreement for modification or discharge.
An agreement, promise, or undertaking to change or modify, or to discharge on whole or in part, any contract, obligation, or lease, or any mortgage or other security interest in personal or real property, shall not be invalid because of the absence of consideration, provided that the agreement, promise or undertaking changing, modifying, or discharging such contract, obligation, lease, mortgage or security interest, shall be in writing and signed by the party against whom it is sought to enforce the change, modification or discharge, or by his agent.
What are the important ideas in gol 5-1103?
It is about written modifications of contracts and its requirements.
It only applies to written contracts. It may be in the form of an agreement, a promise, or udnertaking.
It applies to modifications or discharges of whole or in part of contracts.
There must be a signature by party AGAINST whom it is sought to inform the change.
There is NO need for consideration.
What is essential from GOL 5-1109
It is about written irrevocable contracts between non-merchants.
It does not apply to unwritten contracts.
States there must be consideration paid for irrevocability.
When no time period is mentioned, it is a reasonable amount of time.
What is essential in GOL 5-1105
About promises and the past consideration they regard.
States a promise is enforceable even in consideration is past IF:
The promise is written and signed.
The promise mentions the past consideration as the bargained-for exchange.
Consideration must have been of proportionate value with regards to the time it was made.
