Sec. 2205.
An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that 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 such period of irrevocability exceed 3 months; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
History: 1962, Act 174, Eff. Jan. 1, 1964
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 2 - Sales (440.2101...440.2725)
174-1962-2-2 - Part 2 Form, Formation and Readjustment of Contracts (440.2201...440.2210)
Section 440.2201 - Formal Requirements; Statute of Frauds.
Section 440.2202 - Final Written Expression of Agreement; Parol or Extrinsic Evidence.
Section 440.2204 - Contract for Sale; Formation, Conduct, Time, Open Terms.
Section 440.2205 - Firm Offers.
Section 440.2206 - Offer and Acceptance in Formation of Contract.
Section 440.2207 - Additional or Different Terms in Acceptance; Contract by Conduct.
Section 440.2208 - Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.2209 - Modification; Rescission; Waiver, Retraction.
Section 440.2210 - Delegation of Performance; Assignment of Rights.