ORS 71.2040
Value

Except as otherwise provided in ORS chapters 73, 74 and 75, a person gives value for rights if the person acquires them:

(1)

In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;

(2)

As security for, or in total or partial satisfaction of, a preexisting claim;

(3)

By accepting delivery under a preexisting contract for purchase; or

(4)

In return for any consideration sufficient to support a simple contract. [1961 c.726 §71.2040 (Value); 2009 c.181 §11]

Source: Section 71.2040 — Value, https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html.

Notes of Decisions

This section broadens the range of facts available for the court’s consideration in determining whether there has been an offer and seasonable acceptance but cannot cause a contract to be formed where there has been no meeting of minds between the parties. Meister v. Arden-Mayfair, Inc., 276 Or 517, 555 P2d 923 (1976)

Green check means up to date. Up to date

Current through early 2024

§ 71.2040’s source at oregon​.gov