Definition: A counteroffer is a new proposal that changes the terms of an earlier offer instead of accepting it. It generally rejects and replaces the original offer.
Example
A buyer offers $325,000. The seller responds that they will sell for $335,000 with a different closing date.
Keep the distinction clear
A question about changing a term is not always a counteroffer. Distinguish an actual replacement proposal from an inquiry or continuing negotiation.
Related terms
Offer · Mutuality of Consent (Mutual Assent) · Sale Contract
Keep studying
What Strengthens a Purchase Offer? Preapproval and Earnest Money
References: Cornell LII: counteroffer
Pronunciation (US): KOWN-ter-aw-fer (capitals show stress)
Pronunciation reference: Merriam-Webster
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