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)
“Hollywood’s a place where they’ll pay you a thousand dollars for a kiss, and fifty cents for your soul. I know, because I turned down the first offer often enough and held out for the fifty cents.”
—Marilyn Monroe (1926–1962)
“Until the Women’s Movement, it was commonplace to be told by an editor that he’d like to publish more of my poems, but he’d already published one by a woman that month ... this attitude was the rule rather than the exception, until the mid-sixties. Highest compliment was to be told, “You write like a man.””
—Maxine Kumin (b. 1925)