Nassau New York Firm Offer for Sales Agreement by Merchant

Name: Nassau New York Firm Offer for Sales Agreement by Merchant
Brand: US Legal Forms
Rating: 4.81 (414 reviews)

Category:

Contracts - Sale of Goods

State:

Multi-State

County:

Nassau

Control #:

US-02324BG

Format:

Instant download

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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In contract law, an offer (usually in writing) which states it may not be withdrawn, revoked or amended for a specific period of time. If the offer is accepted without a change during that period, there is a firm, enforceable contract.

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.

A firm offer occurs when a buyer makes an irrevocable offer to a seller. The primary difference is that an option contract entitles the buyer to the option to purchase the items at a later time, whereas a firm offer gives the buyer the right to buy the items outright at any time.

Unlike an option contract for instance, the Firm Offer Rule is governed by the Uniform Commercial Code (UCC) and applies only to merchants who deal in the sale of goods.

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.

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.

Unlike an option contract for instance, the Firm Offer Rule is governed by the Uniform Commercial Code (UCC) and applies only to merchants who deal in the sale of goods.

What Is a Firm Offer? When goods are sold, a firm offer is considered to have taken place when there has been a signed promise to keep the offer open and the merchant involved in the sale qualifies as a merchant under the Uniform Commercial Code.

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Nassau New York Firm Offer for Sales Agreement by Merchant

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Is a firm offer a contract?

Who can make firm offers?

Who can give a firm offer?

What is the difference between an option contract and a merchant's firm offer?

Can firm offers only be made by merchants?

Does a firm offer have to be by a merchant?

What is the firm offer rule in contracts?

Are firm offers only for merchants?

What is merchant's firm offer?

Are firm offers enforceable?

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What is a Nassau Firm Offer for Sales Agreement?

What does the terms 'firm offer' mean in this agreement?

Can the buyer negotiate the terms of the offer?

What happens if the buyer accepts the offer?

Is there a time limit for the buyer to accept the offer?

Can the offer be revoked or changed after the buyer accepts it?

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