Offer

Contract
A contract is a legally binding agreement that arises from an offer and acceptance, meeting certain legal criteria and compliance for enforceability.
Counteroffer
A counteroffer is the rejection of an original offer to buy or sell along with a simultaneous substitute offer. They are commonly encountered in various transactions, particularly in real estate, where factors other than price might be negotiated.
Offer
An offer is a clear proposal to sell or buy goods or services at a specified price, creating a legally binding contract upon acceptance.

Accounting Terms Lexicon

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