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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] A firm offer in effect creates an option contract without requiring any consideration from the prospective buyer. Because the firm offer holds the seller to a higher standard than the potential buyer, it reflects a change from traditional common law, which treated all parties to a contract the same way, to a more modern view that holds certain parties to a higher standard of behavior.

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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291 news items

 
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Fri, 05 Sep 2014 17:33:45 -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, 21 Aug 2014 09:46:55 -0700

Ball in Nippon Koei's court as Arcadis trumps Japanese firm's offer. 21 August, 2014 | By Tom Fitzpatrick. Arcadis has trumped Japanese consultant Nippon Koei's bid for Hyder Consulting with an offer valuing the firm at £32m more than its first offer ...
 
Undercurrent News
Mon, 22 Sep 2014 02:11:15 -0700

The Japanese firm's offer represents an enterprive value per kilo of NOK 73, based on the revised 2014 production. This is considered high, given that more than 50% of the production is located in Chile, said Giskeodegard. “We view the offer as ...

The Guardian

The Guardian
Fri, 12 Sep 2014 09:02:30 -0700

Under London Stock Exchange rules, it has until 5pm on 10 October to either announce its intention to make a firm offer for the club or announce it does not intend to table a bid. Cain Hoy is understood to be fully funded, with several billion pounds ...
 
Accounting Today
Fri, 19 Sep 2014 12:30:00 -0700

Friedman's refreshed brand demonstrates that not only does the firm offer core audit and tax services but also goes beyond to provide an array of specialty business advisory services to help their clients thrive. … Marks Paneth LLP has been ranked ...

Chron.com

Macon Telegraph (blog)
Fri, 05 Sep 2014 12:18:45 -0700

Dollar General CEO Rick Dreiling, in fattening his firm's offer earlier this week, had suggested that a federal antitrust analysis would focus not on his firm's competition with Family Dollar, but instead would center on Wal-Mart, the main driver of ...

Bristol Post

Bristol Post
Mon, 22 Sep 2014 01:03:45 -0700

Results from an X-ray conducted last week returned inconclusive and Rovers booked Turley in to have a CT scan on Friday to gather a second opinion before placing a firm offer on the table. Eastleigh, however, stole in on Thursday to offer the player a ...
 
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Mon, 22 Sep 2014 01:03:45 -0700

LONDON (Alliance News) - Daisy Group PLC said Monday it has agreed to extend the deadline for a consortium of Toscafund Asset Management LLP, Penta Capital LLP and Chief Executive Matthew Riley to either make a firm offer for the company or walk ...
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