Title 8.2. Commercial Code — Sales
Part 2. Form, Formation and Readjustment of Contract
This section has more than one version with varying effective dates. Scroll down to see all versions.
§ 8.2-205. (Effective until July 1, 2025) Firm offers.
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.
1964, c. 219.
§ 8.2-205. (Effective July 1, 2025) Firm offers.
An offer by a merchant to buy or sell goods in a signed record 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.
1964, c. 219; 2024, c. 652.