N.Y. General Obligations Law § 5-1109: Written irrevocable offer

§ 5-1109. Written irrevocable offer. Except as otherwise provided in

section 2-205 of the uniform commercial code with respect to an offer by

a merchant to buy or sell goods, when an offer to enter into a contract

is made in a writing signed by the offeror, or by his agent, which

states that the offer is irrevocable during a period set forth or until

a time fixed, the offer shall not be revocable during such period or

until such time because of the absence of consideration for the

assurance of irrevocability. When such a writing states that the offer

is irrevocable but does not state any period or time of irrevocability,

it shall be construed to state that the offer is irrevocable for a

reasonable time.