A merchant’s firm offer is a commitment made by a seller to maintain an offer’s validity for a specific duration. Within this timeframe, the seller is legally obligated to uphold the offer and cannot retract it without facing legal repercussions. This form of offer is commonly utilised in business dealings and can be legally enforced even without any exchange of value. It is crucial to understand that an offer represents a pledge to perform or abstain from certain actions, and upon acceptance, it establishes a legally binding agreement between the involved parties.
A merchant’s firm offer, also known as an irrevocable offer, is an offer made by a merchant that cannot be withdrawn for a specified period. This type of offer is a binding promise to keep the offer open for a certain amount of time, during which the offeror becomes liable for breach of contract if they withdraw the offer. Under the Uniform Commercial Code (UCC), a merchant’s signed, written offer is irrevocable for the stated period, even without consideration. Overall, a merchant’s firm offer is a binding promise commonly used in commercial transactions.
A merchant’s firm offer is a legally binding agreement made by a merchant to sell goods or services at a specified price for a specific period of time. It cannot be revoked or changed during that time.
A merchant’s firm offer is different from a regular offer because it is made by a merchant in the course of their business and is intended to be binding. Regular offers can be revoked or changed at any time before acceptance.
No, a merchant’s firm offer cannot be revoked as long as it is made in writing and signed by the merchant. Once the offer is accepted by the other party, it becomes a legally binding contract.
A merchant’s firm offer is valid for the time period specified in the offer. If no time period is specified, it is valid for a reasonable amount of time, usually not exceeding three months.
No, a merchant’s firm offer cannot be withdrawn, even if the goods or services become unavailable. The merchant is obligated to fulfil the offer or provide suitable substitutes if the original goods or services are no longer available.
No, a merchant’s firm offer cannot be accepted after the specified time period has expired. It is important to carefully review the offer and respond within the given timeframe to ensure acceptance.
A merchant’s firm offer cannot be modified or changed once it has been accepted. However, if both parties agree to modify the terms of the offer, a new agreement can be made.
No, a merchant’s firm offer must be made in writing and signed by the merchant to be legally binding. Oral offers do not have the same level of enforceability.
Yes, a merchant’s firm offer can be made to an individual consumer. However, it is important to ensure that the offer meets all the requirements of a firm offer, including being in writing and signed by the merchant.
If a merchant fails to honour a firm offer, the other party may have legal remedies available, such as seeking damages for breach of contract. It is advisable to consult with a lawyer to understand the specific options and remedies in such a situation.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 30th April 2024.
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