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 such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
Tex. Bus. & Com. Code § 2.205
FIRM OFFERS
Known as the Uniform Commercial Code
The act spans §§ 1–12 (616 sections).
Applied in 2 court decisions — leading case 1464-Eight, Ltd. v. Joppich (2004)
Most recently applied in 690 F. Supp. 2d 487 - J.D. Fields & Co. v. United States Steel International, Inc. (February 2010)
Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.