Final answer:
The offer made by Sam Seller to Betty Buyer to sell 'Stone Bluff' for $300,000 and to remain open for five days from May 17, 2003, cannot be revoked until the end of May 21, 2003. The offer would expire at the beginning of May 22, 2003, unless specific conditions like a valid option contract under UCC are met.
Step-by-step explanation:
The status of the offer that Betty has received from Sam Seller can be analyzed from a legal perspective. Since Sam Seller has made an offer to Betty Buyer to sell the farm known as 'Stone Bluff' for $300,000 and promised that this offer will remain open for five days from the date of the letter, which is May 17, 2003, we can deduce based on contract law that Sam Seller cannot revoke this offer until after those five days have elapsed. This type of offer is typically known as an option contract, where the seller gives the buyer a certain period to decide without the risk of the offer being withdrawn. However, to create a binding option contract, there often needs to be consideration (something of value) exchanged for the promise to keep the offer open. The Uniform Commercial Code (UCC) does allow for firm offers without consideration if it is in a signed writing and the seller is a merchant. In this context, if the sale of 'Stone Bluff' is not a sale of goods but of real property, the UCC would not apply. Therefore, without more information regarding the offer, we cannot conclude that it is a firm offer under the UCC. The correct answer would be that the offer cannot be revoked until May 22, 2003, which includes the entire day of May 21 and ends at the start of May 22.