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:
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—Charlotte Brontë (1816–1855)
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—Mary Kay Blakely (20th century)
“Charity is a cop-out so traditionally female in its apparent self-effacement that there seems resonant comfort in it. We’re no longer supposed to serve the imaginations of men who have dominated us. We are to give up ourselves instead to those whose suffering is greater than our own. Looking down is just as distorting as looking up and as dangerous in perpetuating hierarchies.”
—Jane Rule (b. 1931)