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)
“To be made to hold his tongue is the greatest insult you can offer him—though he might be ready with a poker to make you hold yours.”
—Mrs. Patrick Campbell (1865–1940)
“This at least should be a rule through the letter-writing world: that no angry letter be posted till four-and-twenty hours will have elapsed since it was written.”
—Anthony Trollope (1815–1882)