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Code of Virginia

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Code of Virginia
Title 8.2. Commercial Code — Sales
Part 2. Form, Formation and Readjustment of Contract
11/21/2024

§ 8.2-205. (Effective until July 1, 2025) Firm offers. (2024 updated section)

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 (2024 updated section)

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.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.