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:
“Mark you the floore? that square & speckled stone,
Which looks so firm and strong,
Is Patience:”
—George Herbert (1593–1633)
“We are rarely able to interact only with folks like ourselves, who think as we do. No matter how much some of us deny this reality and long for the safety and familiarity of sameness, inclusive ways of knowing and living offer us the only true way to emancipate ourselves from the divisions that limit our minds and imaginations.”
—bell hooks (b. 1955)
“When great changes occur in history, when great principles are involved, as a rule the majority are wrong.”
—Eugene V. Debs (1855–1926)