Asked by Nicole Guerrero on Jul 22, 2024
Verified
In effect, a counteroffer converts the original offeror into an offeree with the power of acceptance.
Counteroffer
An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
Original Offeror
The entity or individual who first makes an offer or proposal in a contract negotiation scenario.
- Understand the concept of counteroffer and its impact on the original offer and offeror.
Verified Answer
EJ
Erica JohnsonJul 25, 2024
Final Answer :
True
Explanation :
A counteroffer negates the original offer and presents a new offer, effectively reversing the roles so that the original offeror becomes the offeree, who can now accept the new terms proposed in the counteroffer.
Learning Objectives
- Understand the concept of counteroffer and its impact on the original offer and offeror.
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