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:
“I have come to have the firm conviction that vanity is the basis of everything, and finally that what one calls conscience is only inner vanity.”
—Gustave Flaubert (1821–1880)
“Modern thought does not offer consolations, but upsets.”
—Mason Cooley (b. 1927)
“The first rule of education for me was discipline. Discipline is the keynote to learning. Discipline has been the great factor in my life. I discipline myself to do everything—getting up in the morning, walking, dancing, exercise. If you won’t have discipline, you won’t have a nation. We can’t have permissiveness. When someone comes in and says, “Oh, your room is so quiet,” I know I’ve been successful.”
—Rose Hoffman, U.S. public school third-grade teacher. As quoted in Working, book 8, by Studs Terkel (1973)