Editing Contracts/Firm offer
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A '''firm offer''' is an [[Offer and acceptance|offer]] that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. 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. | A '''firm offer''' is an [[Offer and acceptance|offer]] that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. 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. | ||
In the United States, an exception is the merchant firm offer rule set out in [[ | In the [[United States]], an exception is the merchant firm offer rule set out in [[Uniform Commercial Code]] - § 2-205, which states that an offer is firm and irrevocable if it is an offer to buy or sell goods made by a merchant and it is in writing and signed by the offeror.<ref>{{cite web|url=https://www.law.cornell.edu/ucc/2/article2.htm#s2-205 |title=Uniform Commercial Code - § 2-205. Firm Offers|website=Cornell University Law School, Legal Information Institute}}</ref> Such an offer is irrevocable even in the absence of [[consideration]]. If no time is stated, it is irrevocable for a reasonable time, but in no event may a 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. | ||
However, even 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. | However, even 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. | ||
