Okla. Stat. tit. 12A § 2-205

Current through Laws 2024, c. 342.
Section 2-205 - [Effective Until 11/1/2024] Firm Offers

An offer by a merchant to buy or sell goods in a signed writing 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; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.

Okla. Stat. tit. 12A, § 2-205

Laws 1961, p. 77, § 2-205.

Oklahoma Code Comment

This changes the Oklahoma law and the almost universally accented rule that an "option" to be binding must be supported by consideration. The term "firm offer" although a customary commercial term, has not heretofore been used by the courts, which have used the term "option."

15 O.S. § 2(4) which requires "sufficient cause or consideration" for the existence of a contract is repealed by implication in so far as it is inconsistent herewith. 12A O.S. §10-102.

This section is set out more than once due to postponed, multiple, or conflicting amendments.