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 three months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
History: 1978 Comp., § 55-2A-205, enacted by Laws 1992, ch. 114, § 21.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source. — Section 2-205 [55-2-205 NMSA 1978].
Changes. — Revised to reflect leasing practices and terminology.
"Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978].
"Lease". Section 2A-103(1)(j) [55-2A-103 NMSA 1978].
"Merchant". Section 2-104(1) [55-2-104 NMSA 1978].
"Person". Section 1-201(30) [55-1-201 NMSA 1978].
"Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978].
"Signed". Section 1-201(39) [55-1-201 NMSA 1978].
"Term". Section 1-201(42) [55-1-201 NMSA 1978].
"Writing". Section 1-201(46) [55-1-201 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 21 effective July 1, 1992.
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