|
|
|
|
MAIN PAGE
CONFERENCE
DRAFT
RESOURCES
ACKNOWLEDGEMENTS |
|
This is an unofficial draft of Article 2B from April 15, 1998. For the current official version, see the University of Pennsylvania Law School (Official NCCUSL) site at http://www.law.upenn.edu/library/ulc/ulc.htm SECTION 2B-205. FIRM OFFERS. An offer by a merchant to enter into a contract made in an authenticated record that by its terms gives assurance that the offer will be held open is not revocable for lack of consideration during the time stated. If a time is not stated, the offer is irrevocable for a reasonable time not exceeding 90 days. A term providing assurance that the offer will be held open which is contained in a standard form supplied by the party receiving the offer and used by the party making the offer is ineffective unless the party making the offer authenticates the term. Uniform Law Source: Section 2A-205; Section 2-205. Definitional Cross Reference: "Authenticate". Section 2B-102. "Contract". Section 2B-102. "Merchant". Section 2B-102. "Party". Section 1-201. "Record". Section 2B-102. "Standard form". Section 2B-102. "Term". Section 1-201.Committee Actions: a. Committee voted unanimously to approve this in principle. (September, 1996) b. Agreed to use 90 days as a standard in lieu of three months. (September, 1996) c. Reviewed in April 1997 with no substantive changes. Reporter's Note: This Section adopts existing Article 2 clarifying language on terms contained in a form supplied by the offeree.. |