Contracts
In Rhode Island, what is a 'counteroffer' in the context of a real estate transaction?
AA seller's acceptance of the buyer's original offer
BA response to an offer that changes one or more material terms, which rejects the original offer and creates a new offer✓ Correct
CA second offer from a different buyer
DAn addendum to the purchase contract after closing
Explanation
A counteroffer is a response to an offer that proposes different terms, thereby rejecting the original offer and creating a new offer. The original offeror must then accept, reject, or counter the new terms.
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