List what is required in order for an offer to be considered a firm offer under the Uniform Commercial Code.Also,discuss the effect of a firm offer that is silent as to the time period for acceptance,and contrast that with the effect of silence as to the time period for acceptance of an offer under common law.

Under the Uniform Commercial Code (UCC),offers made by merchants are considered firm offers if the offer a)is made in writing and b)gives assurances that it will be irrevocable for up to three months despite a lack of consideration for the irrevocability.If a firm offer is silent as to time,the UCC assumes a three-month irrevocability period.The UCC contrasts with common law,under which an offer is revocable at any time prior to acceptance unless a period of irrevocability is supported by some kind of consideration.