Firm Offer

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Firm Offer

A definite and binding proposal, in writing, to enter into a contractual agreement.

A firm offer generally states that it will remain open for a certain set time period during which it is incapable of being revoked.

Firm offers are frequently made by merchants who wish to buy or sell goods and are governed by the Uniform Commercial Code.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

firm offer

n. in contract law, an offer (usually in writing) which states it may not be withdrawn, revoked or amended for a specific period of time.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. (See: contract, offer, acceptance)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
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