Michigan Firm Offer
Description
How to fill out Firm Offer?
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FAQ
What is a firm offer? An offer that is direct, without any conditions. The Buyer makes a firm offer when the are 100% certain about purchasing a home. Once the offer is made, the Buyer is legally obligated to follow through with the transaction and cannot back out of the deal.
An example of the firm offer rule could be a merchant agreeing to sell one hundred units of a certain good at a fixed price of $50 for a period of 60 days. Time limits on firm offers can be extended by offering a new offer or agreeing to an option contract.
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.
If these conditions are met, the UCC mandates that the offer stay open for a period of 3 months (90 days).
Legal Definition of firm offer : a binding written offer to buy or sell that cannot be revoked for a stipulated period of time or for a reasonable time that in no event exceeds three months.
An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open 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 may such period of irrevocability exceed three months; but any
When the offer is considered a firm offer, it has only gone one way and has not yet been accepted. For an offer to remain open for more than three months an agreement would have to be made with a promise of payment; the consideration.
A firm offer is an offer that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face.
Also, if the merchant does not specify a time limit for when the offer will expire, the merchant firm offer rule states that the offer must remain open for a reasonable period of three months.
