Revocation of Offer Under UCC

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sweetfrenchtoast
Posts: 33
Joined: Mon Jun 11, 2012 7:41 pm

Revocation of Offer Under UCC

Postby sweetfrenchtoast » Thu Dec 05, 2013 9:16 pm

Can a seller revoke an offer under the UCC in the same way one can under the Restatement (i.e. before acceptance is dispatched)? Do offers for goods default to option contracts?

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huell
Posts: 15
Joined: Wed Aug 29, 2012 9:34 pm

Re: Revocation of Offer Under UCC

Postby huell » Thu Dec 05, 2013 9:22 pm

Seller can revoke an offer under the UCC. If seller (assuming he's the offeror) has satisfied 2-205: Firm Offers by stating the terms of the exchange with an assurance that the offer will remain open for the time listed, no longer than three months, then it is not revocable (no consideration required). If no time is stated, it is left open for a reasonable period of time given the circumstances surrounding the offer.

Here's the actual text: http://www.law.cornell.edu/ucc/2/2-205

I only supply because it's one of the few UCC statutes that actually makes sense on first read.

sweetfrenchtoast
Posts: 33
Joined: Mon Jun 11, 2012 7:41 pm

Re: Revocation of Offer Under UCC

Postby sweetfrenchtoast » Thu Dec 05, 2013 9:42 pm

That's what I thought. Thanks!!




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