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 (accessed May 26, 2025).

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)

Current through early 2026

§ 71.2040. Value's source at oregon​.gov