Asked by Angela Trevino on May 07, 2024
Verified
When does the UCC assume a three-month irrevocability period?
A) Always.
B) Never.
C) If a firm offer is silent as to time.
D) Only if one of the parties is a nonmerchant.
E) Only if one of the parties lives in Louisiana who does not follow the common law.
Firm Offer
An offer made in writing and containing assurances that it will be irrevocable for a period of time not longer than three months despite a lack of consideration for the irrevocability.
Irrevocability Period
The timeframe during which a decision, offer, or agreement cannot be revoked or withdrawn.
UCC
Stands for the Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across the country.
- Learn the synergy between state and common law rules and the UCC in areas where guidance is absent.
Verified Answer
RA
Rakan AlotaibiMay 08, 2024
Final Answer :
C
Explanation :
The Uniform Commercial Code (UCC) assumes a three-month irrevocability period for a firm offer if the offer is silent as to time. This provision applies under UCC 2-205, which deals with firm offers made by merchants.
Learning Objectives
- Learn the synergy between state and common law rules and the UCC in areas where guidance is absent.