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:
“What is a firm hand to me, of what use to me is this astonishing power if I cannot change the order of things, if I cannot make the sun set in the east, that suffering diminish and that beings no longer die?”
—Albert Camus (1913–1960)
“I offer neither pay, nor quarters, nor food; I offer only hunger, thirst, forced marches, battles and death. Let him who loves his country with his heart, and not merely with his lips, follow me.”
—Giuseppe Garibaldi (1807–1882)
“Some rule out of a lust for ruling; others, so as not to be ruled:Mto these it is merely the lesser of two evils.”
—Friedrich Nietzsche (1844–1900)