Direct answer
What does counteroffer mean?
A counteroffer is a response that rejects an offer and proposes different terms.
Exam cue: Once an offeree makes a counteroffer, the original offer is generally no longer open unless it is renewed.
What does it look like in a question?
Example
A seller changes the proposed closing date and purchase price before signing.
Common exam trap
What should you not confuse it with?
A request for information is not necessarily a counteroffer.
Related contracts and leases terms
AssignmentAn assignment is a transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.ConsiderationConsideration is something of legal value exchanged as part of a contract.ContingencyA contingency is a contract condition that must be satisfied or waived for a stated obligation to become final or continue.Executed contractAn executed contract is a contract in which the parties have completed the promised performance.Executory contractAn executory contract is a contract under which one or more material obligations remain to be performed.LeaseholdA leasehold is a tenant's right to possess real property for the term and under the conditions of a lease.
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Put the term back into its full subject.
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