Victor Enterprise Inc. writes a letter dated August 1 to Hallway Stores, offering to sell table lamps to Hallway Stores at $80 each for the next one month. In mid August, Victor Enterprises receives an offer from Shine Retailers to purchase the table lamps at a price of $85 each. Can Victor withdraw its offer to Hallway Stores?

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Quizplus · Accepted Answer

Under the UCC, the rules of consideration also do not apply to a firm offer. A firm offer exists when a merchant offering goods promises in writing that the offer will not be revoked for a period not to exceed three months. This promise binds the merchant, although the offeree buyer gives no consideration to support it. Refer to sidebar 8.7.