Contracts
What is the legal effect of a counteroffer under Georgia contract law?
AIt extends the original offer for 48 hours
BIt rejects the original offer and creates a new offer✓ Correct
CIt binds both parties to a temporary agreement
DIt requires GREC approval before it is valid
Explanation
A counteroffer rejects the original offer and creates a new offer. The original offeror can then accept, reject, or counter the new offer.
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