FIRM OFFER Meaning and
Definition
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A firm offer refers to a legally binding and unconditional proposal made by one party to another, which exhibits an intention to enter into a contract. It is an irrevocable, formal and specific statement of willingness by the offering party to engage in a particular transaction without any reservations. The firm offer reflects a clear and definite intention to enter into an agreement that is legally enforceable.
Characteristically, a firm offer stipulates the conditions, terms, and duration in which it remains open for acceptance. These aspects are commonly outlined within the offer itself or in an accompanying document, assuring the offeree of the offering party's serious commitment. The offeree is granted a certain period of time to accept the offer, and if they do so within that timeframe, a contract is formed.
To ensure the validity of a firm offer, certain elements must be fulfilled. First, it must be made by a capable party who possesses the authority to enter into a contract. Secondly, the terms and conditions of the offer must be explicit and well-defined, leaving no room for ambiguity or confusion. Lastly, the offer should be communicated directly to the offeree or their authorized representative, ensuring that it is received and remains accessible to them.
Overall, a firm offer represents a decisive and unwavering commitment to enter into a binding agreement, and it plays a fundamental role in clarifying the intentions of the offering party and establishing the foundation for contractual obligations.
Common Misspellings for FIRM OFFER
- dirm offer
- cirm offer
- virm offer
- girm offer
- tirm offer
- rirm offer
- furm offer
- fjrm offer
- fkrm offer
- form offer
- f9rm offer
- f8rm offer
- fiem offer
- fidm offer
- fifm offer
- fitm offer
- fi5m offer
- fi4m offer
- firn offer
- firk offer
Etymology of FIRM OFFER
The word "firm" originates from the Old English word "fyrme" meaning "firmness, stability, solidity, fixed". It is derived from the Proto-Germanic word "fermaz", which carries a similar meaning. The word "offer" comes from the Old English word "offrian", which means "to present or offer, sacrifice". It has roots in the Old High German word "offaran" and the Old Norse word "offra". When combined, the term "firm offer" is used to describe a solid and unyielding proposition or bid.
