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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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3257 news items

WhatCulture

WhatCulture
Fri, 14 Aug 2015 07:15:00 -0700

Queens Park Rangers boss Chris Ramsey has effectively baited Newcastle United and other potential suitors to make a “firm offer” in their pursuit of Charlie Austin. The striker's future has been the source of continued speculation this summer, but as ...
 
Irish Examiner
Thu, 06 Aug 2015 17:33:45 -0700

Firm offer for Zamano expected within six weeks. Friday, August 07, 2015. Geoff Percival. A takeover of Irish mobile technology firm Zamano could become a reality in the next couple of months. The Dublin-based firm — which provides messaging ...

isleofman.com

isleofman.com
Fri, 21 Aug 2015 06:18:45 -0700

Local firm offer their services to Castletown Park The staff of Castletown based firm Optimus Fiduciaries Limited have undertaken their first of a series of community based events by offering their services to paint the fences at Poulsom Park, Castletown.

The Straits Times

The Straits Times
Wed, 05 Aug 2015 18:41:15 -0700

SINGAPORE - The buyout offer for Temasek Holdings' semiconductor tester STATS ChipPAC by China's Jiangsu Changjiang Electronics Technology Co (JCET) has crossed a key threshold. The mainboard-listed company said on Thursday that the total ...

CNBC

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Mon, 24 Aug 2015 23:17:01 -0700

RSA also said it had agreed to extend the deadline for Zurich to make a firm offer to Sept 22, in line with British takeover rules. The 550 pence offer proposal reflects an 11 percent premium to RSA's closing price on Monday and a 26 percent premium to ...

Business Insider

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Fri, 28 Aug 2015 03:52:30 -0700

LONDON (Reuters) - U.S. private equity firm Carlyle is in advanced talks about buying Innovation Group for 40 pence a share in cash, valuing its equity at almost 500 million pounds ($769 million), the British software company said on Friday. Innovation ...
 
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Fri, 28 Aug 2015 08:56:15 -0700

Although Nostrum has shown its intention to make a new offer, it has not made it official and said the announcement does not mean a firm offer will be made. However, Tethys said it has also received expressions of interest from several other parties in ...
 
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Thu, 27 Aug 2015 19:58:32 -0700

Sun Tran has said its initial offer was the "final and firm" offer and has not budged from it. The offer would cost $2.7 million over three years. Teamsters officials said they have lowered their initial demand by 70 percent down to $5.7 million, but ...
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