Asked by SIMNIKIWE MASIKITI on Jul 29, 2024
Verified
A firm offer differs from an option in that,a firm offer:
A) is a separate contract by itself.
B) is irrevocable for a certain period of time.
C) does not require consideration in exchange for the offer.
D) is not covered under the UCC.
Firm Offer
An irrevocable offer made in a commercial context that remains open for a specified period of time, often used in the sale of goods.
UCC
Stands for the Uniform Commercial Code, which is a comprehensive set of laws governing all commercial transactions in the United States.
- Recognize the statutory prerequisites and impacts of options and firm commitments.
Verified Answer
ZK
Zybrea KnightAug 05, 2024
Final Answer :
C
Explanation :
Like an option,a firm offer is irrevocable for a period of time.In contrast to an option,however,a firm offer does not require consideration to be given in exchange for the offeror's promise to keep the offer open.
Learning Objectives
- Recognize the statutory prerequisites and impacts of options and firm commitments.