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 ?
Meanwhile, the Philadelphia 76ers were also reported to be interested in Butler but received a counter-offer that included trading Rookie of the Year Ben Simmons, something that is never going to happen in reality.
Be prepared for the landlord to counter-offer and negotiate with you as well.
* A complete and accurate description of all offers and counter-offers relating to the sale of the life insurance policy.
Makaay insists Munich is his next stop, making it less likely that other clubs will make counter-offers for last season's Primera Liga top marksman.