Sec. 2A205.
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 3 months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
History: Add. 1992, Act 101, Eff. Sept. 30, 1992
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 2A - Leases (440.2801...440.2982)
174-1962-2A-2 - Part 2 Formation and Construction of Lease Contract (440.2851...440.2871)
Section 440.2852 - Final Written Expression; Parol or Extrinsic Evidence.
Section 440.2853 - Effect of Seal Affixed to Writing.
Section 440.2854 - Lease Contract; Sufficiency to Show Agreement; Conduct; Open Terms.
Section 440.2855 - Firm Offer; Assurances to Hold Offer Open.
Section 440.2856 - Offer to Make Lease Contract; Manner of Acceptance; Lapse.
Section 440.2857 - Repealed. 2012, Act 86, Eff. July 1, 2013.
Section 440.2858 - Lease Agreement; Modification or Rescission; Waiver; Retraction.
Section 440.2860 - Express Warranties; Creation.
Section 440.2862 - Implied Warranty of Merchantability; Other Implied Warranties.
Section 440.2863 - Implied Warranty of Fitness for a Particular Purpose.
Section 440.2865 - Inconsistent Warranties; Intent; Rules of Construction.
Section 440.2867 - Lease Contract; Identification of Goods; Absence of Explicit Agreement.
Section 440.2868 - Lease Contract; Insurable Interest in Goods.
Section 440.2869 - Risk of Loss; Passage to Lessee.
Section 440.2870 - Risk of Loss; Repudiation; Default.
Section 440.2871 - Casualty to Identified Goods Before Delivery or Risk of Loss Passes.