Detailed Answer
(b) A firm offer is a written, signed offer concerning the
sale of goods, by a merchant, giving assurance that it will be held
open for a specified time and is irrevocable for that period, not to
exceed three months. Answer (a) is incorrect because if the firm
offer does not state a period of time, it will remain open for a
reasonable period of time, not to exceed three months. Answer
(c) is incorrect as consideration is not required for a firm
offer, but for an option contract. Answer (d) is incorrect because
under the firm offer rule, only the offeror need be a merchant.
