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
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—Wallace Stevens (1879–1955)
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—Henry David Thoreau (1817–1862)
“A right rule for a club would be, Admit no man whose presence excludes any one topic. It requires people who are not surprised and shocked, who do and let do, and let be, who sink trifles, and know solid values, and who take a great deal for granted.”
—Ralph Waldo Emerson (1803–1882)