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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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2776 news items

Daily Mail

Daily Mail
Wed, 25 Feb 2015 09:03:45 -0800

A Dutch restoration firm has offered to repair a 400-year-old fountain that was damaged last week when supporters of Rotterdam soccer team Feyenoord went on a drunken rampage in Rome's historic centre. A group of fans hurled beer bottles into the ...

The Moscow Times

The Moscow Times
Thu, 05 Feb 2015 22:31:13 -0800

Proxima has until March 5 to announce if it intends to make a firm offer for JKX. The oil and gas producer has been struggling due to higher production taxes, restrictions on selling gas in Ukraine and falling crude oil prices. Ukraine accounts for as ...

Liverpool Echo

Liverpool Echo
Tue, 10 Feb 2015 22:11:46 -0800

A law firm based in Liverpool city centre is to offer free initial legal advice to people living in the north end of the city. Catherine Higgins Law has struck a deal with charity and community organisation, Rotunda, to provide local residents with ...
 
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Wed, 18 Feb 2015 06:51:33 -0800

LONGUEUIL, Que—Héroux-Devtek UK, a subsidiary of aerospace products manufacturer Héroux-Devtek Inc. has entered into a strategic alliance with C&L Aviation Group in Bangor, Maine. The partnership will improve the global maintenance, repair and ...

This is Money

Herald Scotland
Tue, 10 Feb 2015 08:41:15 -0800

"There can be no certainty, however, that any firm offer will be made." 888 saw a takeover by Ladbrokes collapse over pricing in 2011. Panmure Gordon analyst Karl Burns said that a deal at 210 pence was already quite pricey and that William Hill would ...

PokerNews.com

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Mon, 16 Feb 2015 06:51:49 -0800

10 that it had received an approach regarding a possible offer for the Company by William Hill PLC, but that there was no certainty that any firm offer would be made nor as to the terms on which any firm offer might be forthcoming," the note states ...
 
Ocala
Fri, 27 Feb 2015 07:56:15 -0800

The law firm of McConnaughhay, Duffy, Coonrod, Pope, Weaver, Stern & Thomas recently announced that Jennifer T. Reimsnyder has accepted the firm's offer of partnership. Reimsnyder is the senior attorney in the firm's Ocala office. She joined 10 years ...

NEWS.com.au

NEWS.com.au
Sun, 01 Mar 2015 01:00:00 -0800

Chief Minister Adam Giles said he was yet to talk to Tracker's family but there was “a firm offer by the Territory Government” to hold a state funeral. “We want to honour and pay tribute to someone who has been a true hero of Territorians and ...
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