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counter offer |
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counter offer n. 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. (See: offer, contract) |
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? References in periodicals archive |
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Anytime a counter offer is made, the preceding offer is considered void and not enforceable against the offering party. Cross praised the MTA--which earlier this summer rejected a $400 million counter offer for the site from Madison Square Garden owner, Cablevision--for its encouragement over the years as the team faced numerous lawsuits, community opposition and, ultimately, state denial of a $300 million funding package to build the dream New York Sports and Convention Center. Rockies president and CEO Jerry) McMorris has said and put together a counter offer that stayed within the $4 million parameter,'' said Tommy Tanzer, Harrington's agent. |
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counter offer
