General Obligations Law 5-1109 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-1107 Written assignment up TITLE 11 Consideration; Effect of Writing On Requirement of Consideration next SECTION 5-1111 Execution by agent in real property transactions; written authorization required Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-1109 Written irrevocable offer General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 11 § 5-1109. Written irrevocable offer. Except as otherwise provided in section 2-205 of the uniform commercial code with respect to an offer by a merchant to buy or sell goods, when an offer to enter into a contract is made in a writing signed by the offeror, or by his agent, which states that the offer is irrevocable during a period set forth or until a time fixed, the offer shall not be revocable during such period or until such time because of the absence of consideration for the assurance of irrevocability. When such a writing states that the offer is irrevocable but does not state any period or time of irrevocability, it shall be construed to state that the offer is irrevocable for a reasonable time.