When a person makes a counteroffer, he or she is rejecting the previous offer and rendering it void. Because the original offer is now void, the person who made that offer is no longer legally responsible for honoring it. For example, let's say you are selling a vehicle. A buyer arrives and offers you $10,000 for the car. In an attempt to get a higher price, you counteroffer, asking for $11,000. If the buyer declines, you cannot force them to buy the car at $10,000, even though they have already offered at that price.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
counteroffer — coun·ter·of·fer / kau̇n tər ˌȯ fər/ n: an offer that is made in response to another and that has additional or differing terms ◇ Under common law, a counteroffer does not constitute an acceptance of an offer and is often considered a rejection… … Law dictionary
counteroffer — 1788, from COUNTER (Cf. counter ) + OFFER (Cf. offer) (n.) … Etymology dictionary
counteroffer — [kount′ər ôf΄ər] n. an offer proposed in response to one that is unsatisfactory … English World dictionary
counteroffer — UK [ˈkaʊntə(r)ˌɒfə(r)] / US [ˈkaʊntərˌɔfər] noun [countable] Word forms counteroffer : singular counteroffer plural counteroffers business an offer made as an answer to another offer that you do not want to accept, for example an offer by the… … English dictionary
counteroffer — An offer made in response to a previous offer during contract negotiations. The counteroffer rejects the previous offer and simultaneously makes a different offer, changing the terms in some way. For example, if a buyer offers $500 for a used… … Business law dictionary
counteroffer — n. to make a counteroffer * * * [ kaʊntəˌrɒfə] to make a counteroffer … Combinatory dictionary
counteroffer — A reply made to a bid If a seller makes an offer of goods on specified terms at a specified price, the buyer may accept it or make a bid against the offer. Sellers who find the bid unacceptable may make a counteroffer, usually on terms or at a… … Big dictionary of business and management
counteroffer — An offer made by one of two negotiating parties in response to an offer by the other party. Where an acceptance of an offer is conditional, or introduces a new term, or varies substantially in any way from the terms of the offer, it may be… … Ballentine's law dictionary
counteroffer — noun Date: 1788 a return offer made by one who has rejected an offer … New Collegiate Dictionary
counteroffer — /kown teuhr aw feuhr, of euhr, kown teuhr aw feuhr, of euhr/, n. an offer or proposal made to offset or substitute for an earlier offer made by another. [1780 90; COUNTER + OFFER] * * * … Universalium