Exceptions to Consideration in Contract Law

The video tutorial discusses two notable exceptions to the rule that a contract must have present consideration to be enforceable: option contracts and firm offers. Option contracts allow a party to purchase an asset at a set price within a specific time frame, often without consideration, yet remain enforceable. Firm offers, relevant to merchants under the UCC, involve a promise to keep an offer open for a certain period without consideration, and are also enforceable. These exceptions highlight situations where contracts can be legally binding without present consideration.

Explain the concept of a firm offer under the UCC.

How does a firm offer differ from a standard offer in terms of enforceability?

What is the significance of consideration in the context of option contracts and firm offers?