Under the UCC, a Signed, Written Offer Made by a Merchant

question 38

True/False

Under the UCC, a signed, written offer made by a merchant that allows acceptance at any time within a 90-day time period is not binding unless the offeree provides consideration.

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Definitions:

Consumers And Producers

Individuals or entities that consume goods and services for personal use, and entities or individuals that create and supply goods or services, respectively.

Binding Price Floor

A government-imposed price control or limit on how low a price can be charged that is above the market equilibrium price, leading to a surplus.

Market For Milk

A specific commodity market involving the buying and selling of milk, influenced by supply and demand dynamics, production costs, and regulatory factors.

Variable Ratio Schedules

A reinforcement schedule in operant conditioning where a response is reinforced after an unpredictable number of responses, leading to high and steady response rates.