When Does the UCC Assume a Three-Month Irrevocability Period

question 43

Multiple Choice

When does the UCC assume a three-month irrevocability period?

• A) Always.
• B) Never.
• C) If a firm offer is silent as to time.
• D) Only if one of the parties is a nonmerchant.
• E) Only if one of the parties lives in Louisiana who does not follow the common law.

---

Definitions:

National Defense Education Act

A U.S. federal law passed in 1958 aimed at improving education in science, mathematics, and modern languages as a means to secure the nation’s defense.

Earth-Orbiting Satellite

is an artificial body placed in space for the purpose of collecting information or for communication, revolving around the Earth.

Literacy Rate

The percentage of people within a specified group who can read and write.

Social Security Act

A law enacted in 1935 in the United States to create a system of transfer payments in which younger, working individuals support older, retired people.