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 if we wake one shimmering morning to
Hear the fierce hammering
Of his firm knuckles
Hard on the door?
Shall we not shudder?”
—Gwendolyn Brooks (b. 1917)
“The good husbands understand and offer to help. “All you have to do is ask” they say. But even helpful husbands have to be thanked, their contributions acknowledged, credit given. All those pleases and thank yous. Being grateful takes time and energy. It’s often easier to do it yourself.”
—Bettina Arndt (20th century)
“School days, school days; dear old golden rule days.
Readin’ and ‘ritin’ and ‘rithmetic; taught to the tune of a hick’ry stick.”
—Will D. Cobb (1876–1930)