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hey Im Meredith Muller and today were gonna be talking about option contracts and Merchants firm offers first thing you need to know is the general rule the general rule is with contract formation of course we know that contract formation requires mutual assent plus consideration and absence of defenses and mutual assent is achieved through the process of offer and acceptance okay the general rule here that I want you to take to heart is that offers can be revoked at any time before acceptance thats the general rule now there are exceptions and were going to talk about promises to keep the offer open so I promise to keep the offer open is called an option contract and we treat option contracts differently at common law and under the UCC of course we do so the reason Im meeting with you today is because I want to walk you through the elements of a an option contract both at common law and under the UCC so that you know whether the offer or still has the power to revoke his offer p
