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5 Cards in this Set
- Front
- Back
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Option K-r25
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An option K is a promise which meets the requirements for the formatino of a K and limits the promisors power to revoke an offer
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Option K created by part performance R45
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1. where an offer invites an offeree to accept by rendering a performance and does not invite a promissory acceptance, an option K is created when the offeree tenders or begins the invited performance or tenders a beginning of it
2. teh offerors duty of performance under any option K so created is conditional on completion or tender of teh invited performance in accordance with the terms of the offer |
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Option K-87(1)
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An offer is binding as an optino K if it:
a. is in writing and signed by the offeror, recites a purported consideration for making the offer, and proposes an exchange on fair terms within a reasonable time |
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87(2)
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AN offer which the offeror should reasonably expect to induce action or forbearance of a substantial character on teh part of teh offeree before acceptance and which does induce such action or forbearance is binding as an optino K to teh extent necessary to avoid injustice
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UCC-205 Firm Offer
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An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assuance that it will be held open is not revocable for lack of consideration, during the time stated or if no time 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 separatly signed by the offeror
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