Counteroffer
COUNTEROFFER
In contract law, a proposal made in response to an original offer modifying its terms, but which has the legal effect of rejecting it.
A counteroffer normally terminates the original offer, but the original offer remains open for acceptance if the counteroffer expressly provides that the counteroffer shall not constitute a rejection of the offer.
The uniform commercial code (UCC)—a body of law adopted by the states that governs commercial transactions—modifies this principle of contract law with respect to the sale of goods by providing that the "additional terms are to be construed as proposals for addition to the contract."
More From encyclopedia.com
Contract , contract, in law, a promise, enforceable by law, to perform or to refrain from performing some specified act. In a general sense, all civil obligatio… Modification , A change or alteration in existing materials.
Modification generally has the same meaning in the law as it does in common parlance. The term has spec… Statute Of Frauds , A type of state law, modeled after an oldenglish law, that requires certain types of contracts to be in writing.
U.S. law has adopted a 1677 English… Acceptance , acceptance •abeyance, conveyance, purveyance •creance • ambience •irradiance, radiance •expedience, obedience •audience •dalliance, mésalliance •sali… Code (law) , code (law)
code, in law, in its widest sense any body of legal rules expressed in fixed and authoritative written form. A statute thus may be termed… Fletcher V Peck , FLETCHER V. PECK, 6 Cranch 87 (1810), was the first opinion issued by the Supreme Court of the United States in which a state law was invalidated as…
You Might Also Like
NEARBY TERMS
Counteroffer