Final answer:
It is false that a counter offer necessarily requires a change to the term Seller/Buyer, as these terms merely indicate the parties involved. Difficulties in price agreement can arise from imperfect information, with both buyer and seller lacking complete information, which impacts their perception and valuation of the deal.
Step-by-step explanation:
When a counter offer is being made, specific changes to the offer must be completed. The statement about the irrevocability clause requiring a change to the term Seller/Buyer as this indicates who the offer is coming from is false. An irrevocability clause ensures that an offer remains open for a specific period during which the offeror cannot revoke the offer.
The Seller/Buyer terms indicate the parties involved and do not inherently reflect changes in the offer's terms. In the context of imperfect information, it can be difficult for a buyer and seller to agree on a price because both parties may not have access to all relevant information related to the product or service's value.
A buyer might understate their willingness to pay due to lack of information about the product's quality or future benefits, whereas a seller might set the price too high, not knowing the buyer's highest acceptable price or the available alternatives the buyer might consider.