“Firm Offers” Under UCC Section 2-205 Should Be Treated the Same Way as Are Offers Included in Option Contracts

Authors

Gregory Scott Crespi, Southern Methodist University, Dedman School of LawFollow

ORCID

https://orcid.org/0000-0002-4003-9191

Abstract

“Firm offers” under Section 2-205 of the Uniform Commercial Code are irrevocable for a period of time in accordance with the terms of that provision. But should those statutorily irrevocable offers be treated the same way as offers that are included in option contracts, and that are thereby contractually irrevocable, for the application of the “death or legal disability of the offeror” doctrine, or the “rejection or counteroffer” rules, or the “mailbox rule”? Or should firm offers be treated in a different fashion, as are offers not included in option contracts, for those purposes? This article argues that firm offers should be treated in the same way as are offers included in option contracts for those purposes.

Recommended Citation

Gregory Scott Crespi, “Firm Offers” Under UCC Section 2-205 Should Be Treated the Same Way as Are Offers Included in Option Contracts, 75 SMU L. Rev. F. 285 (2022)