Asked by Michael Williams on May 07, 2024
Verified
Intermountain Medical Supply states by an e-mail to the CEO of ValleyCare Hospital that its offer to sell hemostats for the operating room for $35.00 each will be held open for 40 days.IMS's e-mail is a firm offer that requires a consideration to be legally binding.
Firm Offer
A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods.
Consideration
The value (such as money, a promise, or an act) exchanged between parties in a contract.
A method of exchanging messages digitally across the internet or other computer networks.
- Master the necessities and ramifications of steadfast bids and compacts in accordance with the UCC.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
False
Explanation :
Under the Uniform Commercial Code (UCC), a firm offer does not require consideration to be legally binding if it is made by a merchant, in a signed writing, and gives assurance that the offer will be held open.
Learning Objectives
- Master the necessities and ramifications of steadfast bids and compacts in accordance with the UCC.
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