firm offer

A firm offer is an irrevocable offer to 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 §2-104, and promises in signed writing to keep an offer open, a firm offer is created. 

A firm offer will only last for the period of time stated in the offer. If no time period is stated, the offer will stay open for a maximum of three months.

[Last reviewed in January of 2023 by the Wex Definitions Team]

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