Contracts Firm Offer, Meaning of a Merchant
Posted: Fri Oct 30, 2015 1:09 pm
Under UCC ยง 2.205, a firm offer can become irrevocable for lack of consideration if certain requirements, including that one party be a merchant.
As defined in the UCC, "Merchant" means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.
If it's a professional, does he have to be acting in his professional capacity?
If I'm a lawyer and I make an offer with all the other requirements met, but it hasn't nothing to do with my profession, I am a merchant in this instance?
Thanks
As defined in the UCC, "Merchant" means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.
If it's a professional, does he have to be acting in his professional capacity?
If I'm a lawyer and I make an offer with all the other requirements met, but it hasn't nothing to do with my profession, I am a merchant in this instance?
Thanks