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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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300 news items

Evening Standard

Construction News
Thu, 21 Aug 2014 09:41:15 -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 ...

The Hindu

The Hindu
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 in Mumbai on Saturday. The five-time world ...

Telegraph.co.uk

Telegraph.co.uk
Tue, 05 Aug 2014 22:01:11 -0700

You only have five days from Results Day (or from when your firm offer becomes unconditional) to use Adjustment, but while you are looking for your new place your original firm choice remains safe. >> Check out our Clearing page for more help and advice.

Torquay Herald Express

Torquay Herald Express
Wed, 13 Aug 2014 08:33:45 -0700

If you've got the results you need to meet your firm offer. Congratulations! Phone your family and friends and tell everyone the good news! But don't call up the university to confirm – leave the line free for someone who hasn't met their offer and is ...
 
Refrigeration and Air Conditioning
Mon, 28 Jul 2014 05:00:00 -0700

United Technologies Corporation is bidding to acquire a 46.1 per cent stake in €256 million turnover French HVAC specialist CIAT Group, a move which would see increased synergies with UTC subsidiary Carrier Corporation. The bid for the equity, owned by ...

BBC News

BBC News
Tue, 19 Aug 2014 23:26:13 -0700

Construction firm Carillion has admitted defeat in its £2bn pursuit of rival Balfour Beatty after its third takeover offer was rejected. Carillion said it was "no longer pursuing" a deal, after Balfour refused to extend the deadline for a firm offer to ...

caughtoffside

caughtoffside
Fri, 22 Aug 2014 02:00:00 -0700

And according to reports in Italy Zenit have put a firm offer on the table to land his signature, only he isn't keen on a move to Russia and is instead holding out for a better offer. Reports of a meeting with his agent, Marcelo Ferreyra, and club ...

Express.co.uk

Express.co.uk
Fri, 22 Aug 2014 06:30:00 -0700

... in favour of young Belgian Thibaut Courtois. Paris St Germain and Monaco would both take Cech on loan for a year, while Real Madrid manager Carlo Ancelotti is ready to make a firm offer should things come to a head and the Czech star demand a move.
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