counteroffer

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Counteroffer

A second or subsequent offer to purchase an asset. For example, if the asking price on a house is $150,000, a potential buyer may make an initial offer of $125,000. In such a case, the seller may make a counteroffer for $140,000. Counteroffers are only made if the price is subject to negotiation.

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.

References in periodicals archive ?
If the counter-offer rears its ugly head again then remain philosophical.
How can we convince the general contractor to accept our proposal for the work at the most favorable terms to us that the general contractor will accept, make a counter-offer to, or negotiate?
This money will be found by the Ways and Means Committee [to pay for the House offer] and signed into law," he said, alluding to White House support for the House counter-offer.
The counter-offer from the riders looked unlikely to work yesterday.
Members of Universities Academic Staff Union (Uasu), Kenya Universities Staff Union (Kusu), Kudheiha and Kenya Medical Practitioners and Dentist Union (KMPDU) vowed not to return to work until the government agrees to table a counter-offer to their 2017-2021 proposal.
At the beginning of 2008, Proximus (at that time still operating as Belgacom) spontaneously made a counter-offer, as it was also interested in taking over these customers and acquiring similar rights, and had not had the opportunity to make a bid.
A counter-offer by billionaire activist investor Carl Icahn would see he and Southeastern Asset Management Inc buy back 1.
The Corriere della Sera newspaper, citing what it said were "informed sources," said Mr Berlusconi, Italy's second-richest man, made a counter-offer of pounds 200,000 monthly, and indicated willingness to go up to pounds 300,000 monthly.
Our response should not be to refuse his arrogant demand that the present British rebate must be ended, but to make him a polite counter-offer by stating that we will discontinue all further membership payments, and only restore them when the European Court of Auditors endorses the Commission's accounts, something that they have refused to do for many years past, and are never likely to do in the future, due to the rampant corruption evident within the European Union.
A club spokesperson said: "The club offered Darren a contract in April, which his agent subsequently rejected by making a substantially increased counter-offer which the club was not prepared to meet.
The Six Nations committee have already spurned two contract offers from the BBC and are hoping BSkyB will place a counter-offer which could help drive up the price of what they see as a jewel in the sporting crown.