An offer by a merchant to buy or sell goods in a signed record that 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 months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
ORS 72.2050
Known as the Uniform Commercial Code
The act spans §§ 72–72 (125 sections).
Applied in 1 court decision — leading case 31 Or. App. 1137 - R. J. Taggart, Inc. v. Douglas County (1977)
Most recently applied in 31 Or. App. 1137 - R. J. Taggart, Inc. v. Douglas County (December 1977)
1961 c.726 §72.2050; 2025 c.33 §12
Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.