firm offer

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An offer to sell goods that remains in force for a stated period. For example, an ‘offer firm for 24 hours’ binds the seller to sell if the buyer accepts the offer within 24 hours. If the buyer makes a lower bid during the period that the offer is firm, the offer ceases to be valid. An offer that is not firm is usually called a quotation in commercial terms.

Subjects: Accounting.

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