Hyde v. Wrench (1840) RC
For £1000, the defendant offered to sell the plaintiff a farm. The defendant refused the plaintiff's offer to pay £950. Subsequently, the plaintiff claimed to have accepted the initial £1,000. The plaintiff demanded particular performance of the transaction at a cost of £1,000. The defendant declined.
The plaintiff had rejected the initial offer by submitting a counter offer, and an offer's binding effect is nullified upon rejection. As a result, the parties had no formal contract.