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: L. 91: Entire article added, p. 281, § 1, effective July 1, 1992.
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).
Structure Colorado Code
Title 4 - Uniform Commercial Code
Part 2 - Formation and Construction of Lease Contract
§ 4-2.5-201. Statute of Frauds
§ 4-2.5-202. Final Written Expression: Parol or Extrinsic Evidence
§ 4-2.5-203. Seals Inoperative
§ 4-2.5-204. Formation in General
§ 4-2.5-206. Offer and Acceptance in Formation of Lease Contract
§ 4-2.5-207. Course of Performance or Practical Construction
§ 4-2.5-208. Modification, Rescission and Waiver
§ 4-2.5-209. Lessee Under Finance Lease as Beneficiary of Supply Contract
§ 4-2.5-210. Express Warranties
§ 4-2.5-212. Implied Warranty of Merchantability
§ 4-2.5-213. Implied Warranty of Fitness for Particular Purpose
§ 4-2.5-214. Exclusion or Modification of Warranties
§ 4-2.5-215. Cumulation and Conflict of Warranties Express or Implied
§ 4-2.5-216. Third-Party Beneficiaries of Express and Implied Warranties
§ 4-2.5-218. Insurance and Proceeds