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:
“Reason sits firm and holds the reins, and she will not let the feelings burst away and hurry her to wild chasms. The passions may rage furiously, like true heathens, as they are; and the desires may imagine all sorts of vain things: but judgement shall still have the last word in every argument, and the casting vote in every decision.”
—Charlotte Brontë (1816–1855)
“The poet will prevail to be popular in spite of his faults, and in spite of his beauties too. He will hit the nail on the head, and we shall not know the shape of his hammer. He makes us free of his hearth and heart, which is greater than to offer one the freedom of a city.”
—Henry David Thoreau (1817–1862)
“Every writing career starts as a personal quest for sainthood, for self-betterment. Sooner or later, and as a rule quite soon, a man discovers that his pen accomplishes a lot more than his soul.”
—Joseph Brodsky (b. 1940)