counteroffer

coun·ter·of·fer

C0688000 (koun′tər-ô′fər, -ŏf′ər)n. An offer made in return by one who rejects an unsatisfactory offer.

counteroffer

(ˈkaʊntərˌɒfə) n (Commerce) a response to a bid in which a seller amends his original offer, making it more favourable to the buyer

coun•ter•of•fer

(ˈkaʊn tərˌɔ fər, -ˌɒf ər)

n. an offer or proposal made to offset or substitute for an earlier offer made by another. [1780–90]

Thesaurus

Noun

counteroffer - an offer made by someone who has rejected a prior offeroffering, offer - something offered (as a proposal or bid); "noteworthy new offerings for investors included several index funds"

Translations

αντιπρόταση

Counteroffer

In contract law, a proposal made in response to an original offer modifying its terms, but which has the legal effect of rejecting it.

A counteroffer normally terminates the original offer, but the original offer remains open for acceptance if the counteroffer expressly provides that the counteroffer shall not constitute a rejection of the offer.

The Uniform Commercial Code (UCC)—a body of law adopted by the states that governs commercial transactions—modifies this principle of contract law with respect to the sale of goods by providing that the "additional terms are to be construed as proposals for addition to the contract."

counteroffer

Counteroffer

A second or subsequent offer to purchase an asset. For example, if the asking price on a house is $150,000, a potential buyer may make an initial offer of $125,000. In such a case, the seller may make a counteroffer for $140,000. Counteroffers are only made if the price is subject to negotiation.

counteroffer

An offer that differs from the previous offer in some significant detail.A counteroffer rejects the prior offer by operation of law, and instead makes a new offer that must either be accepted or rejected by the other party.

Example: A seller offers to sell her home “as is” for $250,000.

• A buyer offers to buy the home for $240,000, but the seller must replace the roof and recar- pet the house (counteroffer).
• The seller replies that she will sell for $235,000 “as is” (another counteroffer).
• The buyer replies that he will pay $210,000 “as is” (another counteroffer).
• The seller sees things going downhill and says, “Wait, wait, I accept your first counteroffer of $240,000 and I will repair the roof and carpet.” However, the seller cannot do this, because that offer no longer exists and cannot be accepted.

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Words related to counteroffer

noun an offer made by someone who has rejected a prior offer

Related Words