offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revoca- ble, for lack of consideration, during the time stated or if no time is stated

COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 2 SALES

for a reasonable time, but in no event may such period of irrevocability exceed three months; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.