Contracts
What is the legal effect of a counteroffer on the original offer?
AThe original offer remains open alongside the counteroffer
BThe original offer is rejected and a new offer is created✓ Correct
CThe original offer is suspended until the counteroffer is decided
DBoth parties are bound by whichever offer closes first
Explanation
A counteroffer constitutes a rejection of the original offer and creates a new offer. The original offeror is no longer bound by the original offer and may walk away from the transaction.
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