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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]


  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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Sun, 21 Dec 2014 05:05:51 -0800

The confirmatory due diligence was subsequently granted to determine if the suitors could come up with a firm offer that would satisfy the board. Mr O'Shea said he believed that the probability was in favour of a bid happening, despite the share price ...
Mon, 01 Dec 2014 10:00:00 -0800

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Thu, 18 Dec 2014 00:00:05 -0800

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Thu, 11 Dec 2014 10:56:53 -0800

"Southwestern asserts that it complied with the FCRA because it obtained Derderian's credit for the permissible purpose of extending a firm offer of credit, and sent Derderian a firm offer of credit after each of the times Southwestern obtained her ...

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Fri, 28 Nov 2014 09:16:57 -0800

Under takeover panel rules they have until 5pm next Thursday to put up a firm offer or walk away for six months. Experts have suggested that Songbird is worth up to 400p a share. Analysts at Lazarus said: “An offer should start with a four and not a two.”.


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