BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A counteroffer functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original offer. Thus, the original offer can no longer be accepted.

Detailed explanation-2: -You can either walk away from the deal or create a different counter offer. You’ll typically have 1 – 3 days to prepare and send the new counter offer, if that’s what you’d like to do. Keep in mind that once you make a counter offer, the original offer (or, in some cases, the original counter offer) is off the table.

Detailed explanation-3: -A counteroffer refers to the response given to an initial offer, making it obvious that the original offer was rejected. It gives three options to the original offer-accept the counteroffer, reject the counteroffer, or make another offer.

Detailed explanation-4: -A counteroffer can only be made by the offeror. A counteroffer terminates the existing offer. An offeree that makes the counteroffer is still considered the offeree.

Detailed explanation-5: -Counter Offer-If an offeree makes a counter offer or counter proposal in response to an offer, the original offer terminates. This is the case with negotiations. If a party attempts to negotiate new or additional material terms to the offer, the original offer terminates.