Legal Dictionary of Pakistan

irrevocable offer

. An offer that includes a promise to keep it open for a specified period, during which the offer cannot be withdrawn without the offeror's becoming subject to liability for breach of contract. ( Traditionally, this type of promise must be supported by consideration to be enforceable, but under UCC § 2-205, a merchant's signed, written offer giving assurances that it will be held open - but lacking consideration - is nonetheless irrevocable for the stated period (or, if not stated, for a reasonable time not exceeding three months). - Also termed (in the UCC) firm offer; (specif.) merchant's firm offer.