BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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thirty days.
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six months.
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three months.
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three years.
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Detailed explanation-1: -unilateral contract. The Uniform Commercial Code makes firm offers binding for the stated period of time in the offer but not to exceed: three months.
Detailed explanation-2: -Under Article 2 of the Uniform Commercial Code, in a sale of goods, if the seller is a merchant under the definition of a merchant in Article 2, and in a signed writing promises to keep an offer open, this creates a firm offer which is irrevocable.
Detailed explanation-3: -(a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action. (b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
Detailed explanation-4: -Created by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI), the primary purpose of the UCC is to make business activities consistent and therefore efficient, across all U.S. states.
Detailed explanation-5: -The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.