Under the Uniform Commercial Code (UCC), a firm offer applies to: a. an unlimited, stipulated period of time. b. a written, signed offer by a merchant to buy or sell goods. c. a written, signed offer by anyone to buy or sell goods. d. an unwritten but definite offer to buy or sell goods.

Question

Hugo Reese

Business

21 May, 16:03

Under the Uniform Commercial Code (UCC), a firm offer applies to: a. an unlimited, stipulated period of time. b. a written, signed offer by a merchant to buy or sell goods. c. a written, signed offer by anyone to buy or sell goods. d. an unwritten but definite offer to buy or sell goods.

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Answers (1)

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Hancock · Answer 1

b. a written, signed offer by anyone to buy or sell goods.

Explanation:

Under the provisions of Article 2 of Uniform commercial code, whenever a merchant as defined by the act, signs a written document whereby he promises to buy or sell goods, such an offer gives rise to a firm offer which cannot be revoked.

The three important conditions for an offer to be termed as a firm offer would be, the agreement must be in writing and secondly, it must be signed by the party and most importantly it must state a promise to perform an act of buying/selling.