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Legal Terms - counteroffer
a response to a *offer that the offeree makes to the offeror in an attempt to change or add to an existing term of the offer. Such a response must meet the requirements of what constitutes an offer in and of itself, namely, it must contain a solid promise to be bound by the terms mentioned. A counteroffer has the effect of nullifying the first offer, making the counteroffer the communication that can be accepted (Hyde v. Wrench (1840) 3 Beav 334).
countertrade n. A form of trading in which an exporter of goods or services undertakes to accept goods or services (rather than money) from the importer in exchange.
a response to a *offer that the offeree makes to the offeror in an attempt to change or add to an existing term of the offer. Such a response must meet the requirements of what constitutes an offer in and of itself, namely, it must contain a solid promise to be bound by the terms mentioned. A counteroffer has the effect of nullifying the first offer, making the counteroffer the communication that can be accepted (Hyde v. Wrench (1840) 3 Beav 334).
countertrade n. A form of trading in which an exporter of goods or services undertakes to accept goods or services (rather than money) from the importer in exchange.
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