The rule states that a merchant who offers to buy, sell, or lease goods and gives a written and signed assurance on a separate form that the offer will be held open cannot revoke the offer for the time stated or, if no time is stated, for a reasonable time is referred to as ________.

Question

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The rule described is known as the Firm-Offer Rule, which applies to merchants who give a written assurance to hold an offer for a stated or reasonable time period.

The Rule States That a Merchant Who Offers to Buy