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:
“It makes us, or it mars us, think on that,
And fix most firm thy resolution.”
—William Shakespeare (1564–1616)
“Either offer me something I really like, or stop trying to tempt me.”
—Mason Cooley (b. 1927)
“Until, accustomed to disappointments, you can let yourself rule and be ruled by these strings or emanations that connect everything together, you haven’t fully exorcised the demon of doubt that sets you in motion like a rocking horse that cannot stop rocking.”
—John Ashbery (b. 1927)