MLchartDataset catalogue

Firm offer

Term · Law · MLC-T-LAW-002136

An offer by a merchant to buy or sell goods in a signed writing that, by its terms, gives assurance that it will be held open. Under the Uniform Commercial Code, such an offer is not revocable for lack of consideration during the time stated or, if no time is stated, for a reasonable time, but in no event longer than three months. This rule provides certainty in commercial transactions.

Table 1. Record
IdentifierMLC-T-LAW-002136
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002136",
  "term": "Firm offer",
  "field": "Law",
  "definition": "An offer by a merchant to buy or sell goods in a signed writing that, by its terms, gives assurance that it will be held open. Under the Uniform Commercial Code, such an offer is not revocable for lack of consideration during the time stated or, if no time is stated, for a reasonable time, but in no event longer than three months. This rule provides certainty in commercial transactions.",
  "url": "https://mlchart.com/terminology/law/firm-offer/"
}

Record 2,042 of 5,439 in Law terminology (MLC-0107). Request the full dataset.