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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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2939 news items

Droitwich Advertiser

Droitwich Advertiser
Tue, 13 Jan 2015 22:33:45 -0800

Stourport IT firm offer job to ex-work experience student. NEW RECRUIT: Lewis Liggins has permanently joined Worcester Road based OGL Computer after a successful stint of work experience. share on Facebook; share on Twitter; share on Google+; email ...

Messenger Newspapers

Messenger Newspapers
Mon, 12 Jan 2015 06:35:48 -0800

Sale law firm offer a 'Giant' helping hand to local sport. L-r: Matthew Thornhill, aged 10 , Giants' Ingus Bankevics, Richard Hughes from Salter Heelis, Giants' Connor Murtagh and Jake Hughes aged 12. share on Facebook; share on Twitter; share on ...
 
Nasdaq
Sun, 25 Jan 2015 16:00:00 -0800

16, Mr. Kaeser made a firm offer of $83 a share. Dresser's board scheduled a meeting for Sept. 21 to review final offers from Sulzer and Siemens. A day later, Sulzer for the first time disclosed it was talking with Dresser about a potential deal ...
 
Nigerian Tribune
Sun, 25 Jan 2015 14:52:30 -0800

However, Seplat got a January 30 deadline to make a firm offer on its merger with Afren Plc, a U.K. oil and gas explorer, Afren. ''Following the receipt of a request from Seplat, the board of the company has received the consent of the UK Takeover ...

Bleacher Report

Bleacher Report
Sun, 25 Jan 2015 04:03:56 -0800

As deadline day approaches, the rumour mill continues to churn out all manner of new information and speculation. Which team will sign which player? Who's going on loan? What about swap deals? We have a bit of all that in this week's gossip roundup.
 
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Wed, 21 Jan 2015 04:18:55 -0800

LOUISVILLE, Ky. (WDRB) -- You've created an inspiring resume, used every job-search tactic in the book and aced your second and third interviews. By the time an offer is finally presented, chances are good that you're worn out, and hungry to accept ...

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southcarolina.247sports.com
Thu, 22 Jan 2015 21:48:45 -0800

The Gators have made a firm offer to Derouen, who has elected not to speak publicly since making a trip to Louisville. South Carolina's chances: 40 percent. CB Rashad Fenton (Miami, Fla./Miami Carol City) - Fenton, who is uncommitted to any school, ...

Irish Times

Irish Times
Fri, 23 Jan 2015 16:56:15 -0800

Liam Buckley, meanwhile, insists that St Patrick's have yet to receive a firm offer for centre-half Seán Hoare despite interest from “a number of clubs”. Hoare had widely been expected to join Hull after what was believed to be a successful trial there ...
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