2025 Session
Last amended: 2024 session
§ 336.2A-205 — Firm Offers
Plain-Language Summary
A written offer by a merchant to lease goods that says it will be held open is irrevocable for the stated period (up to three months), even without consideration.
336.2A-205 FIRM OFFERS.
An offer by a merchant to lease goods to or from another person in a signed record that by its terms gives assurance it will be held open is not revocable, for lack of consideration, during the time stated or, if no time is stated, for a reasonable time, but in no event may the period of irrevocability exceed three months. Any term of assurance on a form supplied by the offeree must be separately signed by the offeror.
History:
1989 c 232 art 1 s 2A-205; 2024 c 93 art 3 s 7
History: History: 1989 c 232 art 1 s 2A-205; 2024 c 93 art 3 s 7
Practical Notes
A merchant who makes a written firm offer to lease goods must hold it open for the stated time.