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. The firm offer will only last for the period of time stated in the offer. If no time period for the offer to remain open is stated, it will stay open for a maximum of three months.
Definition from Nolo’s Plain-English Law Dictionary
An offer (usually in writing) which states it may not be withdrawn, revoked, or amended for a specific period of time.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.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm