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:
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—J.L. (John Langshaw)
““In short, Isabella, since I cannot give you my son, I offer you myself.” -- “Heavens!” cried Isabella ... “what do I hear! You, my lord! You! my father in law! the father of Conrad! the husband of the virtuous and tender Hippolita!” -- “I tell you,” said Manfred imperiously, “Hippolita is no longer my wife; I divorce her from this hour.””
—Horace Walpole (1717–1797)
“And they that rule in England
In stately conclave met,
Alas, alas, for England
They have no graves as yet.”
—Gilbert Keith Chesterton (1874–1936)