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)
“Traditions are the “always” in life—the rituals and customs that build common memories for children, offer comfort and stability in good times and bad, and create a sense of family identity.”
—Marian Edelman Borden (20th century)
“While Michael Angelo’s Sistine roof,
His “Morning” and his “Night” disclose
How sinew that has been pulled tight,
Or it may be loosened in repose,
Can rule by supernatural right
Yet be but sinew.”
—William Butler Yeats (1865–1939)