Merchant's Firm Offer
Definition
A merchant's signed, written offer that, by its terms, assures that the offer will remain open. Under UCC § 2-205, a merchant's firm offer is irrevocable for up to three months, despite lack of consideration.
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A merchant's signed, written offer that, by its terms, assures that the offer will remain open. Under UCC § 2-205, a merchant's firm offer is irrevocable for up to three months, despite lack of consideration.