Question

Edward offers to sell Penny his home gym equipment for $1,000. Penny tells Edward, "I like the gym equipment, but I’ll only pay $750." Penny’s statement constitutes a:______.

Answer 1

Answer:

a Counter offer

Explanation:

Penny’s statement signifies a counter offer of $750 on Edward’s original offer to sell gym equipment for $1,000. Basically, a counter offer is an automatic rejection on the original offer made by Edward to sell the equipment at $1,000. Counter offer is not consensual unless accepted by another party in order for it to become binded and make the contract perfected.