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."

References in periodicals archive ?
Unless you understand the key drivers for the employee, it's impossible to know whether a counter-offer will truly address the underlying reasons for the move.
The more time you have to put the deal together and make counter-offers, the better the chance you have of getting what you really want.
Representatives from the campaign have met twice with Chelsea chairman Bruce Buck to plead their case and yesterday saw them make a counter-offer to the club.
Two weeks later GN launched a counter-offer for the US company at USD58m.
I don't like Friday afternoons because Friday lingers into the weekend and gives your employer days to think about your plans to leave, giving them time to craft a counter-offer or a stay bonus in hopes you will change your mind.
VW, meanwhile, has made a counter-offer to buy almost half of the shares in Porsche, in which case Wiedeking, currently chief executive, could be left standing by the side of the road.
Sir Tom, who owns rival garden centre chains Wyevale and Blooms of Bressingham, opposed the Tesco bid, but earlier this month ruled out a counter-offer.
Sir Tom, who owns more than 10% of the Midlothian-based business through his West Coast Capital investment vehicle, is understood to be in talks with Icelandic investment group Baugur about joining forces to launch a counter-offer to Tesco's pounds 155m bid.
SCOTTISH Rocks chairman Ian Reid has vowed to do all he can to keep highly-rated coach Steve Swanson despite a lucrative counter-offer from one of the top college sides in the US.
"They made an offer, I made a counter-offer," Hutchinson said.
But on Wednesday, the company announced it had received an approach from an unnamed third party which could lead to a counter-offer being made for the business.
The IRS and the FBI show up at his door and make him a counter-offer that he CANNOT refuse, if he wants to keep any kind of freedom.