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UCC § 2-205
Article 2 of the Uniform Commercial Code does not define consideration. It does appear to incorporate the requirement that promises be supported by consideration; recall that where the Code does not provide a rule, common law will provide the governing rule.
The Code does, however, set forth an exception to the consideration requirement in several circumstances, including what is referred to as the "merchant's firm offer" rule.
Read the provision below carefully. In what situations does this rule apply? Why does the Code dispense with the consideration requirement in these situations?
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