irrevocable offer definition

irrevocable offer

Buy or sell offer that includes the offeror's commitment to keep it open for a stated period. If the offer is withdrawn during this period, the offeror becomes liable for damages to the offeree for breach of contract. If no closing date is stated in the offer, a reasonable period (typically 90 days) is assumed in law.

irrevocable offer is in the Corporate, Commercial, & General Law and Purchasing & Procurement subjects.

irrevocable offer appears in the definition of the following term: standing offer

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