Nebraska Uniform Commercial Code 2A-205

UCC 2A-205

2A-205.

Firm offers.

An offer by a merchant to lease goods to or from another person in a signed writing 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 such term of assurance on a form supplied by the offeree must be separately signed by the offeror.

Source

  • Laws 1991, LB 159, § 16.

Annotations

  • COMMENT

  • Uniform Statutory Source: Section 2-205.

  • Changes: Revised to reflect leasing practices and terminology.

  • Definitional Cross References:

  • "Goods". Section 2A-103(1)(h).

  • "Lease". Section 2A-103(1)(j).

  • "Merchant". Section 2-104(1).

  • "Person". Section 1-201(30).

  • "Reasonable time". Section 1-204(1) and (2).

  • "Signed". Section 1-201(39).

  • "Term". Section 1-201(42).

  • "Writing". Section 1-201(46).