counteroffer
counteroffer, defined:
a rejection of a standing offer in the form of a new offer A counteroffer reverses the roles of the parties: the party making the initial offer (offeror) becomes the recipient of the counteroffer (offeree). The initial offeree becomes the offeror.
counteroffer, as it might be used:
The court ruled that the defendant's acceptance of plaintiff's offer was in fact a counteroffer; therefore no contract formed was formed.
An example of counteroffer:
Fergus receives a bid for carpet cleaning services in the amount of three hundred dollars. Thinking he can get a better price, Fergus makes a counteroffer, saying that he is willing to pay two hundred and fifty for the service. At that point, the carpet cleaning company can either accept of reject Fergus' counteroffer.
counteroffer may also be referred to as:
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Clear-Point Law Dictionary
