Quick Reference

A reply made to a bid. If a seller makes an offer of goods on specified terms at a specified price, the buyer may accept it or make a bid against the offer. Sellers who find the bid unacceptable may make a counteroffer, usually on terms or at a price that are a compromise between those in the offer and bid. If the buyers still find the counteroffer unacceptable they may make a counterbid.

Subjects: Law — Business and Management.

Reference entries