Which of the following is correct regarding firm offers according to the Uniform Commercial Code (UCC) and the common law?Multiple choice question.The UCC does not require consideration in return for the period of irrevocability, while the common law does.Neither the UCC nor the common law requires consideration in return for the period of irrevocability.The common law does not require consideration in return for the period of irrevocability, while the UCC does.Both the UCC and the common law require consideration in return for the period of irrevocability.
Question
Which of the following is correct regarding firm offers according to the Uniform Commercial Code (UCC) and the common law?Multiple choice question.The UCC does not require consideration in return for the period of irrevocability, while the common law does.Neither the UCC nor the common law requires consideration in return for the period of irrevocability.The common law does not require consideration in return for the period of irrevocability, while the UCC does.Both the UCC and the common law require consideration in return for the period of irrevocability.
Solution
The correct answer is: The UCC does not require consideration in return for the period of irrevocability, while the common law does.
Here's why:
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Under the Uniform Commercial Code (UCC), a firm offer is an offer that is irrevocable for a certain period of time. This means that the offeror cannot revoke the offer during that period. The UCC does not require consideration (something of value exchanged between the parties) for this period of irrevocability.
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Under common law, however, an offer can generally be revoked at any time before acceptance, unless there is consideration to keep the offer open. This means that under common law, if the offeror wants to make an offer irrevocable, they must receive something of value in return.
Therefore, the statement "The UCC does not require consideration in return for the period of irrevocability, while the common law does" is correct.
Similar Questions
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