an offer made in response to a previous offer by the other party during negotiations
for a final contract. Making a counter offer automatically rejects the prior offer,
and requires an acceptance under the terms of the counter offer or there is no contract.
Example Susan Seller offers to sell her house for $150,000, to be paid in 60 days;
Bruce Buyer receives the offer and gives Seller a counter offer of $140,000, payable
in 45 days. The original offer is dead, despite the shorter time for payment since
the price is lower. Seller then can choose to accept at $140,000, counter again
at some compromise price, reject the counter offer, or let it expire.
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