What is the firm offer exception to opinion contracts?

The firm offer exception to opinion contracts refers specifically to a situation where a written commitment is made by the offeror to keep an offer open for a specified period. This is particularly significant under the Uniform Commercial Code (UCC) which governs commercial transactions, particularly sales of goods.

Under this exception, once an offer is made in writing and expressly states that it will remain open for a defined duration, the offeror is bound to honor that commitment. This contrasts with the general rule that offers can typically be revoked at any time prior to acceptance. The firm offer rule provides a degree of reliability in commercial dealings, assuring offerees that they have a certain amount of time to consider the offer without the fear that it might be withdrawn hastily.

In this context, the other options do not correctly capture the essence of the firm offer exception. An option that can be revoked at any time does not align with the concept of a firm offer, which is intended to create a binding obligation. Similarly, a verbal agreement lacks the necessary written form to qualify as a firm offer. Lastly, an offer requiring payment in advance does not address the nature of a firm offer, which is more about the commitment to the terms of the offer rather than the conditions of payment.