Is there a specific timeframe within which a counter offer must be accepted?
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what is a counter offer in contract law Informational
- For such standards to be binding, must they be readily available and clearly identified in the contract?
- Is a revocation effective upon dispatch or upon receipt? How does the death or incapacity of a party affect an outstanding offer or counter offer?
- If the third party's approval is not obtained, is the contract formed by the acceptance of the counter offer valid?
- Or could it be interpreted as a rejection and a new offer altogether?
- Can a party seek to have a contract rescinded or reformed due to a mistake in the offer or acceptance process? How does duress or undue influence affect the validity of a counter offer and subsequent acceptance?
- How do courts determine if a "meeting of the minds" has occurred? What are the potential pitfalls of making or receiving a counter offer?
- Under what circumstances might a conditional acceptance still lead to the formation of a contract? How does the principle of mutuality of obligation relate to contracts formed through counter offers?
- Are there exceptions to the mailbox rule? What are the potential legal risks associated with using automated systems or artificial intelligence in generating and responding to offers and counter offers?
- Must both parties be bound by the terms of the agreement resulting from the acceptance of a counter offer for the contract to be enforceable?
- Is a verbal counter offer legally binding?
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