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all statutes you must know for Law 1101
- Course
- LAW 1101 (LAW1101)
- Institution
- Baruch College
In detail description of each statute you are required to know for LAW 1101. All statutes are on the midterm and final
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1) GOL. Sec.5-1109- Written irrevocable offer.If an offer is made in writing, signed by the offeror or their agent, and specifies that it is irrevocable for a certain
period or until a set time, it cannot be revoked during that period or until that time, even if there is no additional
consideration provided for the assurance of its irrevocability. However, if the written offer states it is irrevocable
without specifying a duration, it will be understood to be irrevocable for a reasonable time
1. Enforceability of Written Promises:
○ A written promise that expresses an intention to make a gift or a voluntary transfer of property in
the future is enforceable if it is in writing and signed by the promisor or by another person
lawfully authorized by the promisor to execute such a writing on their behalf.
2. No Consideration Required:
○ Such a promise does not require consideration to be binding. This means the promise can be
enforceable even if the recipient does not provide anything of value in exchange for the promise.
2) UCC Sec. 2-205,- Firm Offers.
1. Offer by a Merchant: When a merchant makes an offer to buy or sell goods, and this offer is documented in
writing and signed by the merchant, it may include terms that assure the offeree (the party receiving the
offer) that the offer will be held open for a certain period.
2. Revocability of the Offer: If the written offer explicitly states that it will be held open for a specified period
or for a reasonable time (if no specific time is mentioned), then the offer cannot be revoked by the merchant
during that period. This means the offeree can rely on the offer being available for acceptance within that
timeframe.
3. Limitation on Duration: However, there's a limit on how long the offer can remain irrevocable. Even if no
specific time is mentioned, the offer remains open for a reasonable period, but in no event can this period
exceed three months. This limitation ensures that offers don't remain open indefinitely, allowing both
parties to proceed with their business transactions efficiently.
4. Separate Confirmation: Importantly, if the assurance of holding the offer open is included on a form
provided by the offeree (the party receiving the offer), it must be separately signed by the merchant making
the offer. This separate signature ensures clarity and mutual agreement on the terms of the offer's
irrevocability
3) UCC 2-207- Additional Terms in Acceptance or Confirmation. -(1) A definite and seasonable expression of
acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it
states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made
conditional on assent to the additional or different terms. (2) The additional terms are to be construed as proposals
for addition to the contract. Between merchants such terms become part of the contract unless:
● (a) the offer expressly limits acceptance to the terms of the offer;
● (b) they materially alter it; or
● (c) notification of objection to them has already been given or is given within a reasonable time after notice
of them is received.
an acceptance is still an acceptance even though it states different or additional terms from the offer
This provision states that a clear and timely acceptance of an offer constitutes agreement, even if it contains
additional terms, unless acceptance is conditioned on agreeing to those terms; additional terms proposed in
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