Washington Firm Offer refers to a legal concept surrounding contract law. In this context, a firm offer is an offer made by a party in which they promise to keep the offer open for a specified period of time without modification. It provides certainty and stability to the offeree, preventing the offer or from retracting or altering the terms of the offer during the specified time frame. Under Washington state law, there are two types of firm offers recognized: Common Law Firm Offer and Uniform Commercial Code (UCC) Firm Offer. 1. Common Law Firm Offer: In Washington, the Common Law Firm Offer is based on the principles established through court rulings and historical legal precedents. It applies to contracts outside the scope of the Uniform Commercial Code (UCC), such as real estate transactions or employment agreements. A Common Law Firm Offer requires the offer or to make a definite promise to hold the offer open for a fixed period of time, supported by consideration (something of value). 2. UCC Firm Offer: The UCC is a comprehensive set of commercial laws adopted by most states in the United States, including Washington. Under Article 2 of the UCC, which deals with the sale of goods, a UCC Firm Offer can be created without consideration, unlike a Common Law Firm Offer. According to UCC Section 2-205, a merchant can make a firm offer to sell goods at writing and the offer will remain open for a reasonable time (maximum of three months). The UCC Firm Offer must be signed by the merchant, and it binds the merchant to not revoke or modify the offer during the specified period. Both types of firm offers provide legal protection to the offeree, allowing them to reasonably rely upon the offer's terms and enter into agreements or make decisions based on the expectation that the offer will be honored. However, certain conditions and requirements must be met to enforce a firm offer under Washington law. In summary, a Washington Firm Offer is a legally binding promise made by either a common law or UCC merchant that ensures the offer remains open for a defined period without modification or withdrawal. It promotes stability and reliability in contractual relationships, providing offerees with confidence and security in their decision-making process.
Washington Firm Offer
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