Which of the following is true of a firm offer?
A)It occurs when parties intend to be bound by a contract,but fail to mention the price.
B)It occurs when a seller agrees to sell all it can produce to a particular buyer.
C)It occurs when a merchant promises to hold an offer open without any consideration.
D)It occurs when a buyer agrees to buy all its requirements from a particular seller.

Question

Quizplus · Accepted Answer

A firm offer occurs under the Uniform Commercial Code (UCC) when a merchant offers to sell goods and promises in writing to keep the offer open without requiring any consideration (such as a deposit or fee) in return. This is specifically applicable to merchants and is designed to provide some stability in commercial transactions by allowing buyers to rely on an offer's availability for a certain period of time.

Which of the Following Is True of a Firm Offer