Final answer:
When an offeree alters the significant terms of an offer, a counteroffer is made, terminating the original offer and setting the stage for further negotiations.
Step-by-step explanation:
When an offeree changes the offeror's terms in important ways, the offeree makes what is known as a counteroffer. A counteroffer is a response to an offer in which the offeree rejects the original offer and proposes a new offer with different terms. This is a standard part of the negotiation process in various business transactions. It is important to note that once a counteroffer is made, the original offer is considered terminated, and cannot be accepted later on unless the offeror re-issues it. The negotiation will then continue based on the terms of the counteroffer.
When an offeree changes the offeror's terms in important ways, the offeree makes a counteroffer.
A counteroffer is a response to an original offer that proposes different terms. By making a counteroffer, the offeree becomes the new offeror, allowing the original offeror to accept or reject the counteroffer.
For example, if a seller offers to sell a car for $10,000 and the buyer responds by offering to buy the car for $8,000, the buyer has made a counteroffer. The seller can then accept the counteroffer, propose a different counteroffer, or reject the new terms altogether.