Legislation
SECTION 2-A-205
Firm Offers
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2-A, PART 2
Section 2-A-205. Firm Offers.
An offer by a merchant to lease goods to or from another person in a
signed writing that by its terms gives assurance 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, but in no event may the period
of irrevocability exceed three months. Any such term of assurance on a
form supplied by the offeree must be separately signed by the offeror.
An offer by a merchant to lease goods to or from another person in a
signed writing that by its terms gives assurance 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, but in no event may the period
of irrevocability exceed three months. Any such term of assurance on a
form supplied by the offeree must be separately signed by the offeror.