Question

Consolidated Edison Co. of New York (Con Ed) sought bids from General Electric Co. (GE) and others to supply it with two huge transformers. Con Ed required that the bids be held open for 90 days. GE submitted a written bid and included a clause holding the bid open for 90 days. During that period, Con Ed accepted GE’s bid, but GE refused to honor it. Is there a contract?

Answer 1

Answer:

YES there is definitely a contract.

Explanation:

There is indeed a contract. GE made a firm offer as you can see.This firm offer is ruled by UCC. When you are a merchant and you sign a written firm offer. The same offer may not be revoked or canceled within that period of time or three months whichever is less. Here the offer was for  90 days, that is three months  so it is irrevocable.