A firm offer means an irrevocable offer made by a merchant. As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face. An exception to this general rule exists under the Merchants Firm Offer Rule: A firm offer in effect creates an option contract without requiring any consideration from the prospective buyer. Because the firm offer holds the seller to a higher standard than the potential buyer, it reflects a change from traditional common law, which treated all parties to a contract the same way, to a more modern view that holds certain parties to a higher standard of behavior.
UCC 2-205 Firm Offers
An offer (A) by a merchant to buy or sell goods (B) in a signed record that by its terms gives assurance that it will be held open is not revocable for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed three months; Any such term of assurance in a form supplied by the offeree must be separately signed by the offeror.
Note: That when the period of irrevocability expires, the offer may still remain open until revoked or rejected according to the general rules regarding termination of an offer.
UCC § 2-205 states that an offer is firm and irrevocable if:
- it is an offer to buy or sell goods
- it is made by a merchant
- it is a signed writing
- ^ Uniform Commercial Code - § 2-205. Firm Offers, Cornell University Law School, Legal Information Institute
Atlanta Journal Constitution
Thu, 17 Apr 2014 08:40:26 -0700
During the announcement of the Progressive acquisition, Aaron's also said it was rejecting Vintage's bid, calling the firm's offer of $30.50 per share “inadequate” and “illusory.” “Your decision to reject our offer and instead spend $700 million on the ...
Tue, 08 Apr 2014 14:00:00 -0700
Tottenham have made a 'firm offer' for Newcastle's on loan QPR striker Loic Remy, according to One World Sports' journalist Duncan Castles. SEE ALSO: The Top Ten Possible Replacements for Tim Sherwood at Tottenham. The France international has a ...
Thu, 10 Apr 2014 06:41:15 -0700
Great news on receiving an offer at a price point you think you can work with; however, you still have a long way to go before your agent can put a SOLD sign on your property! So allow your agent to keep marketing it for you and keep showing it, just ...
Wed, 09 Apr 2014 02:10:42 -0700
Telefonica Slovakia enhances O2 My Firm offer. Wednesday 9 April 2014 | 10:59 CET | News. Telefonica Slovakia prepared a new offer for business customers, reports eTrend.sk. It is based on the older offer O2 My Firm with several changes. About 80 ...
CAPA - Centre for Aviation
Mon, 31 Mar 2014 01:17:31 -0700
Air France-KLM stated (28-Mar-2014) that on 28-Mar-2014, Air France accepted the firm offer received in Dec-2013 from Intro Aviation GmbH to purchase CityJet and its VLM subsidiary. The closing of the transaction for the CityJet shares should take ...
New Zealand Herald
Tue, 15 Apr 2014 14:22:30 -0700
The offer will be made up of an institutional offer via a bookbuild and a broker firm offer through New Zealand brokers. UBS New Zealand and Macquarie Securities (NZ) are joint lead managers. Arowana's stake in the newly listed group will be held in ...
Fri, 18 Apr 2014 20:11:15 -0700
Page 2 of 4 - There was no discussion about the aquarium and water park, but Councilwoman Nancy Halter, R-Ward 2, said at the end of the meeting that Hammond Aqualife should have submitted a firm offer to the city administration instead of a letter of ...
Sat, 19 Apr 2014 02:22:30 -0700
David Moyes has been linked with an interest in Pedro and may well be ready to make a firm offer in view of his predicament and the long serving player may well feel the time is right for a new challenge. Man United could well do with a fresh wide ...
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