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:
“Who has not felt the beauty of a woman’s arm?—the unspeakable suggestions of tenderness that lie in the dimpled elbow, and all the varied gently-lessening curves, down to the delicate wrist, with its tiniest, almost imperceptible nicks in the firm softness.”
—George Eliot [Mary Ann (or Marian)
“I would have these good people to recollect, that the laws of this country hold out to foreigners an offer of all that liberty of the press which Americans enjoy, and that, if this liberty be abridged, by whatever means it may be done, the laws and the constitution, and all together, is a mere cheat; a snare to catch the credulous and enthusiastic of every other nation; a downright imposition on the world.”
—William Cobbett (1762–1835)
“The rule for every man is, not to depend on the education which other men have prepared for him,—not even to consent to it; but to strive to see things as they are, and to be himself as he is. Defeat lies in self-surrender.”
—Woodrow Wilson (1856–1924)