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:
“It is meet
That noble minds keep ever with their likes;
For who so firm that cannot be seduced?”
—William Shakespeare (1564–1616)
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—Dorothy H. Cohen (20th century)
“There were some schools, so called [in my youth]; but no qualification was ever required of a teacher, beyond “readin, writin, and cipherin,” to the Rule of Three. If a straggler supposed to understand latin, happened to sojourn in the neighborhood, he was looked upon as a wizzard. There was absolutely nothing to excite ambition for education.”
—Abraham Lincoln (1809–1865)