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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.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

8590 news items

World Soccer

World Soccer
Fri, 22 Apr 2016 03:07:30 -0700

“There was a firm offer, on paper. For a moment I thought about a change of scene, but Real Madrid was always my priority. I felt disappointed, but not due to economic problems like people said. “I have not heard about (interest from Chelsea). Many ...

NBC 10 Philadelphia

NBC 10 Philadelphia
Mon, 25 Apr 2016 10:03:45 -0700

Tanner Avery, of Gray Matter Technologies, gives a presentation at the Dreamit Health accelerator space in University City. Startups are often hard-pressed to navigate the legal labyrinths before them, but Dreamit has executed a partnership to change that.
 
London South East (registration) (blog)
Thu, 28 Apr 2016 08:33:45 -0700

LONDON (Alliance News) - AIM-listed sports agency TLA Worldwide PLC on Thursday said the deadline for Atlantic Alliance Partnership Corp to make a firm offer for TLA has been extended to May 5. The initial deadline had been April 21, which was then ...

Goal.com

Goal.com
Thu, 28 Apr 2016 02:11:15 -0700

Suarez has scored four league goals this season, notching once in the Europa League, and bet365 go 11/2 (6.50) that the midfielder adds to that tally at any time, while the same firm offer a chunky 14/1 (15.0) that Suarez grabs the opening goal of the ...
 
Reuters
Wed, 27 Apr 2016 23:07:50 -0700

Brazil's Energy Ministry's executive secretary Luiz Eduardo Barata says Abengoa will receive firm offer from China State Grid for some assets in next days. SACYR. Societe Generale cuts to "hold" from "buy" and target price to 2.1 euros from 3 euros. BME.

Chronicle of Higher Education (subscription)

Chronicle of Higher Education (subscription)
Sun, 24 Apr 2016 15:25:01 -0700

If you have an offer in hand — a true, firm offer — you want to immediately notify every place to which you have applied that you have received an offer and the deadline for your response to it. A lot of candidates struggle with the wording of that ...
 
Mondaq News Alerts (registration)
Wed, 27 Apr 2016 06:18:45 -0700

On 15 February 2016, the Code Committee of the Takeover Panel published a consultation (PCP 2016/1) on The communication and distribution of information during an offer. The paper seeks feedback on proposed amendments to the Takeover Code ...

The New York Review of Books

The New York Review of Books
Fri, 22 Apr 2016 13:14:31 -0700

With a few mild words, she refuses Jimmy's half-expressed suggestion that she do something to make the firm offer the sidelined, incapacitated Chuck a bigger buy-out payment. As she heads back upstairs, she notices that a trash can has fallen over.
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