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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:[1]

Uniform Commercial Code 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

See also[edit]

References[edit]

  1. ^ Uniform Commercial Code - § 2-205. Firm Offers, Cornell University Law School, Legal Information Institute

Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Firm_offer — Please support Wikipedia.
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Captive Insurance Times

Insurance Journal
Thu, 23 Apr 2015 01:15:00 -0700

Willis Group Holdings plc announced that it has made a firm offer to acquire the remaining 70 per cent that it does not currently own of French insurance broker Gras Savoye, and to accelerate closing the transaction. Willis acquired its 30 percent ...

Nasdaq

Nasdaq
Mon, 27 Apr 2015 06:41:15 -0700

Meanwhile, Mylan said it remains committed to its firm offer for Perrigo. Mylan's Board unanimously determined that Teva's proposal grossly undervalues Mylan, and would require Mylan's shareholders to accept what Mylan believes are low-quality Teva ...

Ilkeston Today

Ilkeston Today
Sat, 25 Apr 2015 00:52:30 -0700

Ilkeston taxi firm's offer of free ride. editorial image. 09:00 Saturday 25 April 2015. 0. Have your say. An Ilkeston taxi firm is to offer people the chance of a free ride one day a week in an attempt to boost town centre trade. Bosses at Double Four ...

Sydney Morning Herald

Sydney Morning Herald
Fri, 17 Apr 2015 07:17:01 -0700

The "Golden Rule" of initial public offerings is simple and goes something like this: "If it's any good, you won't get offered it, and if you get offered it, you don't want it." The MYOB IPO is coming up and there is a retail offer through a broker ...
 
HITC
Sat, 02 May 2015 15:18:45 -0700

He previously played 212 matches for Udinese and he has both the talent and the experience to be a success at Old Trafford should United ultimately come calling with a firm offer. With just a year left on his own contract, his future is currently as ...

MLive.com

MLive.com
Tue, 21 Apr 2015 15:18:45 -0700

"There can be no certainty that any firm offer will be made, nor any certainty as to the terms on which any firm offer might be made by Mylan," the release reads. Perrigo reincorporated itself in Dublin, Ireland, last year but its administrative ...

Football.co.uk

Football.co.uk
Fri, 01 May 2015 10:37:30 -0700

And he knows the quicker Thistle can guarantee top-flight football for next season, the sooner he might have a firm offer on the table. Victory over bottom side St Mirren on Saturday would be enough to confirm Partick's Premiership slot for next term.

BaltimoreRavens.com

BaltimoreRavens.com
Fri, 01 May 2015 11:11:15 -0700

One team called Ozzie back and wanted a firm offer. We gave our best bid. Pittsburgh, at No. 22, grabbed Kentucky linebacker Bud Dupree. Newsome cringed. The room groaned a little. Dupree was a guy we were willing to take at 26. Only one player, wide ...
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