(redirected from Buyer's Option)
Also found in: Dictionary.
Category filter:
BOBody Odor
BOBox Office
BOBologna (Emilia Romagna, Italy)
BOBulletin Officiel (French)
BOBig O (anime)
BOBest Offer
BOBusiness Object
BOBochum (Germany)
BOBusiness Office
BOBack Office
BOBusiness Opportunity
BOBoletín Oficial (Spanish: Official Gazette; Argentina)
BOBarack Obama (44th US president)
BOBinary Option (trading)
BOBlue October (band)
BOBiarritz Olympique (French rugby team)
BOBattery Operated
BOBanco de Occidente (Spanish: Western Bank; Honduras)
BOBranch Office
BOBreak Off
BOBattle Orders (Diablo 2 game)
BOBack Order
BOBiological Opinion
BOBack Orifice (trojan horse utility)
BOBiodiversity Offsetting (conservation)
BOBlack Organization (Detective Conan)
BOBilling Official (US DoD)
BOBuzz Off
BOBoom Operator (USAF in-flight refueling)
BOBlood Omen (game)
BOBody Odour (gaming group)
BOBarrel of Oil (oil and gas exploration)
BOBowled Over
BOBuild Order
BOBloc Opératoire (French: Operating Room)
BOBlocked Out
BOBronchiolitis Obliterans
BOBad Order
BOBus Operator
BOBreakout Box
BOBang and Olufsen
BOBridge Officer (gaming)
BOBinary Output
BOBoletim de Ocorrência (Accident Report; Brazil)
BOBucked Off (rodeo)
BOBoarding Officer
BOBilans Otwarcia (opening balance)
BOBuyer's Option
BOBenefits Office
BOBlack Ore (Lineage 2 game)
BOBase Order
BOBusy Out
BOBrain Overload
BOBottom Opened (can collectors)
BOBeneficial Occupancy
BOBudget Obligations
BOBudget Outlay
BOBinary to Octal
BOBorn Organized
BOBattle Operations
BOBruto Oppervlakte (Dutch: Gross Area)
BOBonus Objective (gaming)
BOBlocking Oscillator
BOBench Order
BOBase-Out Prism
BOBloody Orchid (Lineage 2 game)
BOBranch on Overflow (IBM)
BOBowel Opening (anatomy)
BOBarring Order
BOBooster Orbiter
BOBorrow Output (electrical circuits)
BOBit Oxide
BOBeat Oscillator
BOBachelor of Oratory
BOBranch on Ones (IBM)
BOBuffer Overflow/Overrun
BOBearing Observed
BOBom Pra Otário (Brazil)
BOBourget-Opéra (French)
Copyright 1988-2018, All rights reserved.
References in periodicals archive ?
A reasonable inference to be drawn from this comment is that a purchaser under a buyer's option contract could decrease its purchases or make no purchases without necessarily articulating a legitimate business reason, subject only to the duty of good faith and fair dealing.
The Illinois Appellate Court and "buyer's option" contracts
Although only the seventh circuit has expressly adopted the term "buyer's option" contract, the Illinois Appellate Court has recognized the "buyer's option" concept in prior decisions.
Assuming the seller in a "buyer's option" contract has a duty to sell goods to the buyer at the buyer's request, but the buyer is under no obligation to purchase goods from the seller, is the contract "illusory"?
While the "buyer's option" theory has been expressly invoked only recently in reported decisions, the principle underlying the notion of a "buyer's option" contract has been long recognized in the UCC.
Relying on section 2-205, the court in both Brooklyn Bagel and Modern Dairy noted that a "buyer's option" contract does not fail for lack of consideration even though the buyer makes no commitment to purchase goods.
Decisions from the seventh circuit and the Illinois Appellate Court recognize that, absent terms sufficient to create a requirements contract, a supply agreement that sets forth price terms, product specifications, and a defined time period without mandating the purchase of a fixed quantity of goods is properly characterized as a "buyer's option" contract.
A supplier seeking greater certainty with respect to a buyer's purchasing obligations should ensure that the terms of a supply agreement cannot be construed as a buyer's option contract.
The fact that Brooklyn Bagel, Modern Dairy, and Empire Gas were each expressly decided under Illinois law further demonstrates that the "buyer's option" contract is a recognized principle of Illinois law.