thewaterlanding wrote: xfer2013 wrote:
RaleighStClair wrote:Dumb question, but I've seen different rules for this in my notes/outlines.
Do merchant's firm offers need to be in writing to be enforceable? Or is it just that they have the three month limitation?
Yes. Offer by a merchant in a signed writing which by its terms gives assurance that it will be held open is irrevocable during the time stated, but period of revocability cannot exceed 90 days.
Unless consideration is given, and then it can last for an irrevocable period past 90 days. I think there was a question in the Simulated MBE about this.
I believe that's right, but someone correct me if I'm wrong!
Just for clarity, UCC 2-205:
An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that 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 such period of irrevocability exceed three months; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
Bracketed numbers are my annotations:
 I'm guessing this is what would allow consideration to extend the option even longer?
 Note "3 months" rather than 90 days, but fuck them if they test that distinction.
 I guess this means that there's no exception where offeree seeks open offer in writing but offerer fails to respond but is bound anyway like there is for SOF.