counteroffer
A response to an offer, made to the offeror by the offeree, that seeks either to introduce a new term or to vary an existing term of the offer. Such a response must itself satisfy the definition of an offer, i.e. it must contain a firm commitment to be bound by the specified terms. The effect of a counteroffer is to extinguish the original offer and the counteroffer then becomes the communication that is capable of acceptance (Hyde v Wrench (1840) 3 Beav 334).

• Permanent Court of Arbitration
• permanent establishment
• permissive waste
• per my et per tout
• perpetual injunction
• perpetual trusts
• perpetuation of testimony
• perpetuity
• persistent offender
• persistent vegetative state
• personal Act
• personal allowances
• personal chattel
• personal company
• personal contract
• personal-credit agreement
• Personal Independence Payment
• personal property
• personal protection order
• personal representative
• personal right
• personal service
• personalty
• personal union
• persona non grata