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:
“If a person goes to his job with a firm determination to give of himself the best of which he is capable, that job—no matter what it is—takes on dignity and importance.”
—Hortense Odlum (1892–?)
“The good husbands understand and offer to help. “All you have to do is ask” they say. But even helpful husbands have to be thanked, their contributions acknowledged, credit given. All those pleases and thank yous. Being grateful takes time and energy. It’s often easier to do it yourself.”
—Bettina Arndt (20th century)
“Men conceive themselves as morally superior to those with whom they differ in opinion. A Socialist who thinks that the opinions of Mr. Gladstone on Socialism are unsound and his own sound, is within his rights; but a Socialist who thinks that his opinions are virtuous and Mr. Gladstone’s vicious, violates the first rule of morals and manners in a Democratic country; namely, that you must not treat your political opponent as a moral delinquent.”
—George Bernard Shaw (1856–1950)