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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]

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

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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Fri, 31 Oct 2014 04:41:39 -0700

Luxembourg-based Altice's firm offer would come as private-equity firms are also chasing the asset. Apax Partners LLP and Bain Capital LLC both have made bids for PT Portugal, which is controlled by Brazil's Oi SA, other people familiar with the matter ...
 
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Fri, 05 Sep 2014 17:43:47 -0700

On Broadway says there is interest in the Larsen Green industrial site on North Broadway in Green Bay. (Photo: File/Press-Gazette Media )Buy Photo. 13 CONNECT 4 TWEETLINKEDINCOMMENTEMAILMORE. One month after Walmart called it quits on ...
 
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Thu, 25 Sep 2014 16:01:57 -0700

MILLINOCKET, Maine — After initially expressing skepticism, Millinocket leaders admitted Thursday that they need help refocusing their town's future and opted to accept a Virginia economic development firm's offer to work for the town for free. “I ...

NESN.com

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Fri, 17 Oct 2014 13:03:08 -0700

Mike Babcock will be getting plenty of phone calls from suitors when his contract with the Detroit Red Wings expires at the end of this season. The Red Wings, however, want to make sure that doesn't happen and reportedly have sent at least one “firm ...

Daily News & Analysis

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Sat, 09 Aug 2014 05:11:15 -0700

"At the moment we have a firm offer from Sochi and this (former champion Gary Kasparov's comment) is probably just part of the last minute campaigning rather than anything else," Anand told PTI in an interview here today. The five-time world champion ...

Evening Standard

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Thu, 25 Sep 2014 01:33:03 -0700

Boris Johnson refuses firm's offer to run London's New Year's Eve fireworks for free. Entry charge: central London's New Year's Eve fireworks display will cost visitors £10. Benedict Moore-Bridger. Published: 25 September 2014. Updated: 13:25, 25 ...

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Pubs group Spirit has become the subject of a takeover tussle after it last night rejected a surprise bid from Magners cider maker C&C Group. Spirit, which owns the Chef & Brewer pub brand, is already engaged in bid talks with brewer and pubs owner ...
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