An offer by a merchant to buy or sell goods in a signed record 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 three (3) months and any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
KRS 355.2-205
Firm offers
Known as the Uniform Commercial Code
The act spans §§ 355.10-101 to 355.9-809 (686 sections).
Applied in 1 court decision — leading case A & a Mechanical, Inc. v. Thermal Equipment Sales, Inc. (1999)
Most recently applied in A & a Mechanical, Inc. v. Thermal Equipment Sales, Inc. (July 1999)
Effective: January 1, 2025 History: Amended 2024 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.