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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—Charlotte Brontë (1816–1855)
“Let that which stood in front go behind,
Let that which was behind advance to the front,
Let bigots, fools, unclean persons, offer new propositions,
Let the old propositions be postponed.”
—Walt Whitman (1819–1892)
“Our memory is like a shop in the window of which is exposed now one, now another photograph of the same person. And as a rule the most recent exhibit remains for some time the only one to be seen.”
—Marcel Proust (1871–1922)