An offer under Article 2 of the UCC that is irrevocable even though no consideration is given to keep it open is known as a(n):
A) option.
B) firm offer.
C) requirements contract.
D) output contract.

Question

Quizplus · Accepted Answer

A firm offer under Article 2 of the UCC is a written, signed offer that states it will be kept open for a certain period of time (not exceeding three months) and is irrevocable even if no consideration is given. An option involves payment for the right to accept an offer in the future. A requirements contract is an agreement in which a buyer agrees to purchase all of its needed goods or services from the seller. An output contract is an agreement in which a seller agrees to supply all of its output to a buyer.

An Offer Under Article 2 of the UCC That Is