An offer by a merchant to lease goods to or from another person in a signed writing that by its terms gives assurance 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 the period of irrevocability exceed 3 months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
(July 22, 1992, D.C. Law 9-128, § 2(b), 39 DCR 3830.)
Prior Codifications1981 Ed., § 28:2A-205.
Uniform Commercial Code CommentUniform Statutory Source:Section 2-205.
Changes: Revised to reflect leasing practices and terminology.
Definitional Cross References: “Goods”. Section 2A-103(1)(h).
“Lease”. Section 2A-103(1)(j).
“Merchant”. Section 2-104(1).
“Person”. Section 1-201(30).
“Reasonable time”. Section 1-204(1) and (2).
“Signed”. Section 1-201(39).
“Term”. Section 1-201(42).
“Writing”. Section 1-201(46).