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In the United States, an exception is the merchant firm offer rule set out in Uniform Commercial Code - § 2-205, which states that an offer is firm and irrevocable if it is an offer to buy or sell goods made by a merchant and it is in writing and signed by the offeror. [2] Such an offer is irrevocable even in the absence of consideration. If ...
In the United States, according to the Uniform Commercial Code Article 2, the contract of sale can be formed in different ways: (1) offer and acceptance, where a sale begins with an offer and acceptance; (2) firm offers, where a merchant's written offer remains open for a specified time; and (3) battle of the forms, where conflicting terms in ...
For example, in the United States, the Uniform Commercial Code allows merchants (e.g., those who deal in the type of goods at issue) to create firm offers for up to three months without consideration, through a signed writing.
For example, Alice offers to sell Bob her watch for $10. Bob gives Alice $1 to keep the offer open for a week. Alice is not permitted to revoke during the week. A counteroffer is a new offer that varies the terms of the original offer. [1] Therefore, it is simultaneously a rejection of the original offer.
The English common law established the concepts of consensus ad idem, offer, acceptance and counter-offer. The leading case on counter-offer is Hyde v Wrench [1840]. [ 3 ] The phrase "Mirror-Image Rule" is rarely (if at all) used by English lawyers; but the concept remains valid, as in Gibson v Manchester City Council [1979], [ 4 ] and Butler ...
In the US, section 87(1)(a) of Restatement (Second) of Contracts provides an exception to the firm-offer rule. If an offer includes the details of consideration, and is signed by the offeror, for the purpose of exchange of promises within a reasonable time, then the offer is enforceable, provided that there is nominal consideration. [ 26 ]
It is a general principle of contract law that an offer cannot be assigned by the recipient of the offer to another party. However, an option contract can be sold (unless it provides otherwise), allowing the buyer of the option to step into the shoes of the original offeree and accept the offer to which the option pertains. [8]
To be "merchantable", the goods must reasonably conform to an ordinary buyer's expectations, i.e., they are what they say they are. For example, a fruit that looks and smells good but has hidden defects would violate the implied warranty of merchantability if its quality does not meet the standards for such fruit "as passes ordinarily in the ...