PRESERVING THE OFFER Flashcards
1
Q
How to preserve an offer?
A
Option K, UCC Firm Offer Rule,
2
Q
Option K
A
An option is not a mere offer to sell, which can be revoked at any time, but a binding agreement for the period provided if supported by consideration. If not supported by consideration it is only a mere offer to sell which may be revoked before acceptance.
3
Q
UCC Firm Offer Rule
A
An offer by a merchant to sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable for lack of consideration during the time stated, or if no time is stated, for a reasonable time.
