Asked by Manisha Kumari on Sep 30, 2024
A firm offer for the sale of goods requires consideration to be given in exchange for the offeror's promise to keep the offer open.
Firm Offer
Under the Uniform Commercial Code, a signed, written offer by a merchant containing assurances that it will be held open, and which is not revocable for the time stated in the offer, or for a reasonable time if no such time is stated.
Consideration
In contract law, something of value exchanged between parties that is necessary for a valid contract.
- Grasp the significance of the Uniform Commercial Code (UCC) in modifying traditional contract rules, particularly in terms of offer definiteness and gap-filling rules.
Learning Objectives
- Grasp the significance of the Uniform Commercial Code (UCC) in modifying traditional contract rules, particularly in terms of offer definiteness and gap-filling rules.