An offer is the expression of the wishes of sellers or buyers to sell/buy particular goods under stated terms (including quantity, price, time of shipment, terms of payment,etc.). Offers that can result in actual sales are vital for business transactions.
According to their finality, offers used to be divided into two types: definite offer ( or firm offer ) and indefinite offer ( or non-firm offer ). When an offeree is not satisfied with certain terms in an offer, he may propose a new set of terms for the transaction or make a conditional acceptance by making some changes in the offer. This is known as counter-offer. In fact, a counter-offer is a new offer that cancels the original offer. When a counter-offer is made, the original offeree becomes the new offerer and the original offerer becomes the new offeree. the new offeree may choose to reject, counter-offer again or accept the counter-offer.
