counteroffer

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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

noun casus foederis, contractual terms, counterbid, counterclause, counterconditions, counterlimitation, countermeasure, counterplan, counterproposal, counterproposition, counterqualification, counterrecommendation, counterreservation, counterstipulation, hard bargaining, negotiation, new offer, part of the bargain, responsive offer, set of terms, terms proposed
References in periodicals archive ?
Hotel Counter Offers went one step further providing an upgraded hotel while still saving money from the original booking.
It should do -- most employees who accept counter offers leave within six to 12 months.
The typical agent juggles a host of tasks, including home tours, weekend open houses, evening counter offers, mid-day closings, and competitive analyses.
Reverse Auctions are online bidding events, that take place over the Internet, in which suppliers, anonymous to one another, can view competitors' bids as they are being placed and can respond by adjusting their bid and placing counter offers, in real-time, until the event concludes.
Vendors that participate in reverse auctions benefit by seeing their competitors' bids (without knowing the identify of the bidder) and having the opportunity to submit counter offers to better compete in a transparent market environment, significantly improving their chances to secure the business.