Cartoon Guy Holding Stack Of Books

Credit Card Act

ABC Blocks

An offer made in response to a previous offer by the other party during negotiations for a final contract. making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract. example: susan seller offers to sell her house for $150,000, to be paid in 60 days; bruce buyer receives the offer and gives seller a counter offer of $140,000, payable in 45 days. the original offer is dead, despite the shorter time for payment since the price is lower. seller then can choose to accept at $140,000, counter again at some compromise price, reject the counter offer, or let it expire.

Was This Term Helpful?

0 out of 0 found this helpful

Still got a question or concern?

Click here to contact us or go back to the main Glossary page.