Firm Offer for Sales Agreement by Merchant

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Multi-State
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US-02324BG
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Description

The Uniform Commercial Code (UCC) has been adopted in whole or in part by the legislatures of all 50 states. In most instances, the UCC treats all buyers and sellers alike. In some cases, it treats merchants differently than it does the occasional or casual buyer or seller. The UCC recognizes that the merchant is experienced and has a special knowledge of the relevant commercial practices.


Contract law as to offers is applicable to a sales contract, with the following exception. A firm offer by a merchant cannot be revoked if the offer:


" expresses an intention that it will not be revoked,

" is in a writing, and

" is signed by the merchant.

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FAQ

Under the UCC, a seller can accept a buyer's offer to purchase goods for prompt or current shipment in 1 of 3 ways. 1. by a promise - a promise to ship goods in conformity with the terms of the offer; 2. shipment of goods - prompt or current shipment of the goods in conformity with the terms of the offer; OR.

Under Article 2 of the Uniform Commercial Code, in a sale of goods, if the seller is a merchant under the definition of a merchant in Article 2, and in a signed writing promises to keep an offer open, this creates a firm offer which is irrevocable.

An offer by a merchant to buy or sell goods in a signed writing which 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; but any

A firm offer is an 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.

Firm offers are offers that remain in place for a set period of time and cannot be withdrawn until that time period has expired. The primary difference between firm offers and option contracts is that option contracts are only valid when they are supported by consideration.

Which of the following is required for a merchant's firm offer under Article 2? A written assurance signed by the offeror.If no specific time frame is stated in the offer, a merchant's firm offer will remain open for a reasonable time (but in no event may such period exceed three months).

A firm offer is an 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 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.

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Firm Offer for Sales Agreement by Merchant