Firm Offer Rule
Under common law, an offer to purchase can be revoked at anytime before acceptance. However, dealing between merchants, an offer can be made 'firm' or irrevocable for a certain period of time. In order for a merchant to create a 'firm offer' it must satisfy the Statute of Frauds. When dealing between merchants, the Statute of Frauds will be satisfied so long as it satisfies an authentication under the UCC Section 2-205 (a signature/mark will do). This is called the firm offer rule. Provided this occurs, the offer will stay 'firm' for a period of 90 days. If the offer is for a longer period courts will limit the offer period to 90 days.
Read more about this topic: Merchant, Significance in Law
Famous quotes containing the words firm, offer and/or rule:
“What forests of laurel we bring, and the tears of mankind, to those who stood firm against the opinion of their contemporaries!”
—Ralph Waldo Emerson (1803–1882)
“If I have renounced the search of truth, if I have come into the port of some pretending dogmatism, some new church, some Schelling or Cousin, I have died to all use of these new events that are born out of prolific time into multitude of life every hour. I am as bankrupt to whom brilliant opportunities offer in vain. He has just foreclosed his freedom, tied his hands, locked himself up and given the key to another to keep.”
—Ralph Waldo Emerson (1803–1882)
“The rule is perfect: in all matters of opinion our adversaries are insane.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)