BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The U.C.C. creates a second exception for firm offers to sell or lease goods made by a merchant. Firm Offer: A written, signed offer that is irrevocable for a period of up to three (3) months, without the payment of consideration.

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: -There is an exception to the writing requirement under the UCC known as the merchant’s confirmatory memo. This requires: (1) that both parties be merchants, (2) there to be a writing that accurately reflects the agreement between the parties, and (3) requires that the writer sign the memo.