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counteroffer

   Also found in: Dictionary/thesaurus, Legal 0.02 sec.
counteroffer

An offer that differs from the previous offer in some significant detail.A counteroffer rejects the prior offer by operation of law, and instead makes a new offer that must either be accepted or rejected by the other party.

Example: A seller offers to sell her home “as is” for $250,000.

• A buyer offers to buy the home for $240,000, but the seller must replace the roof and recar- pet the house (counteroffer).
• The seller replies that she will sell for $235,000 “as is” (another counteroffer).
• The buyer replies that he will pay $210,000 “as is” (another counteroffer).
• The seller sees things going downhill and says, “Wait, wait, I accept your first counteroffer of $240,000 and I will repair the roof and carpet.” However, the seller cannot do this, because that offer no longer exists and cannot be accepted.



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? Mentioned in ? References in periodicals archive
 
Orange County Board of Supervisors Vice Chair John Moorlach said the supervisors met with Mauk on Tuesday and made him the counteroffer.
LOS ANGELES COUNTY JILTED AGAIN SECOND CAO CANDIDATE REJECTS JOB OFFER by Daily News (Los Angeles, CA)
Additionally, the employee can approve or reject any offer or counteroffer the RSC makes in negotiation with potential third-party purchasers.
Service clarifies position on employer payments to relocation service ... by Schell, Wayne M. / The Tax Adviser
Her current employer made her a counteroffer in hopes of persuading her to stay.
Point of no return! Or is it? What to consider before taking a ... by Reed-Woodard, Marcia A. / Black Enterprise
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