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Illinois real estate exam glossary

Counteroffers in real estate

A buyer offers $450,000. The seller signs a response requiring $465,000. The signature does not mean the buyer’s bargain was accepted: the seller has proposed a different one. The next question is whether the buyer accepts that proposal, changes it again or declines.

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The short answer

A counteroffer proposes a different bargain in response to an offer. In an ordinary negotiation before a contract forms, it generally rejects the original offer and creates a new proposal: the former offeree becomes the offeror. A genuine inquiry may leave the offer under consideration. Compare the actual terms, required acceptance and stage of the transaction. Illinois strict-acceptance authority cautions against assuming that a change is harmless merely because it is small.

Reviewed October 27, 2026. Offer and acceptance appear in national V.A, and multiple offers in V.C of the PSI Illinois broker outline. The whole Contracts domain has 19 of 100 scored national questions across several subjects, not 19 on counteroffers alone. These are original teaching questions, not recalled PSI items or a validated readiness score.

Track the live proposal before deciding who can accept

  1. Establish the transaction’s stage. Is there an unaccepted offer, a live counteroffer, a supported option, or an existing contract with review and modification procedures? A negotiation rule cannot automatically terminate an already formed contract. Read the actual attorney-review or option language rather than classifying every later request as a new offer.
  2. Identify the live proposal and who made it. Preserve the complete terms, attachments, signatures, actual recipients, communication method, deadline, time zone and any withdrawal or extension. A draft still sitting in a platform is not automatically a communicated offer. Do not decide authority from the fact that someone can access the document.
  3. Compare the response with that proposal. Price, property, financing, possession, closing, credits, included items and contingency rights can change the bargain. A signature beneath changed terms does not accept the unchanged original. The dollars involved are not the sole test: shifting a risk or changing a required date can matter.
  4. Do not invent a minor-change safe harbor. In Finnin v. Bob Lindsay, the published Illinois appellate decision applied strict acceptance despite changes described as minor in a stock-sale transaction. Its contract-formation reasoning is relevant here; its separate stock and UCC discussion is not a universal rule for every goods transaction or private land agreement. Seek agreement to the final terms instead of assuming an edit cannot matter.
  5. Separate an inquiry from a required change. “Would you consider including the table?” can ask a question while leaving an offer under consideration. “I accept only if the table is included” requires a different bargain. Wording, conduct and context matter; a question mark or the label “not a counteroffer” is not a universal cure for inconsistent substantive demands.
  6. Track the ordinary effect on the original offer. A true counteroffer in an ordinary pre-contract negotiation generally rejects it. The counterofferor cannot later revive the former power of acceptance just by changing their mind. Renewal or a new effective agreement can be needed. Keep actual contrary terms, supported-option issues and special contract procedures separate from this ordinary example.
  7. Reverse the roles accurately. When the seller counters the buyer’s offer, the seller makes the new offer and the buyer decides whether to accept. If the buyer responds with a required further change, the buyer makes another proposal. A broker’s communication on a client’s behalf does not automatically make the broker the contracting buyer or seller.
  8. Apply the required timing and communication. Each proposal needs its own live status and acceptance analysis. Read whether the clause requires receipt, dispatch, signature, a designated system or another event. A late response cannot rely on an already expired power of acceptance; it may instead communicate a new proposal. Do not automatically call every late message a new binding offer or import one universal email rule.
  9. Separate revocation from expiration. An ordinary revocable counteroffer can generally be withdrawn before effective acceptance, but the withdrawal must itself become effective under the applicable requirements. An unsent private decision is different from effective communication. A supported option or other governing rule can change the analysis; a future expiration time alone does not necessarily make an ordinary offer irrevocable.
  10. Control competing offers without inventing a universal form. Ordinary counters capable of acceptance sent to two buyers can expose a seller to conflicting contract claims. Any multiple-counter procedure must actually state how a contract forms, including any required later selection or acceptance. Use appropriate documents and qualified guidance; do not promise that a seller always gets to choose again after a buyer has already effectively accepted.
  11. Keep existing-contract changes distinct. Patel v. McGrath treated the particular attorney-review clause as a condition subsequent in a formed agreement and considered the actual letter and clause together. It did not make every modification request a rejection or guarantee that a disclaimer preserves every contract. No universal Illinois review period or permission to disapprove for a contractually prohibited reason follows.
  12. Preserve the authorized final record. Apply the land-contract writing screen, current UETA and Illinois document-change requirements, not merely a platform’s “completed” badge. Present proposals under the applicable client duties and lawful instructions, identify the actual changes, preserve versions and communications, and refer disputed formation, custom legal drafting and remedies to qualified counsel. Under Rule 1450.775, the specified post-signature changes need all signatories’ written consent and direction, with each change signed and initialed at the time by all signatories. For an exclusive agreement, Section 15-75’s stated assistance continues until the purchase agreement is signed and all contingencies are satisfied or waived. Neither provision decides a private disputed acceptance by itself.
Who can accept the current proposal?
Stated responseOrdinary pre-contract analysisWhat to check next
Required changed price or termCounteroffer; roles reverseCurrent proposal, deadline and actual recipients
Genuine inquiry onlyOriginal offer may remain under considerationAny expiration, withdrawal or other terminating event
Exact effective acceptanceFormation if the other requirements are metFinal record and remaining contract conditions
Outright rejectionCurrent power ordinarily endsAny renewal or new proposal
Response after stated lapseNo reliance on the expired acceptance powerWhether it communicates a new offer and is accepted
Request under an existing contractUse the contract’s actual change or review procedureDo not assume the original agreement was rejected

The distinctions that matter

Counteroffer: key distinctions
DistinctionHow it worksWhat to notice
Counteroffer vs. acceptanceA counteroffer proposes a changed bargain. Acceptance must satisfy the live offer’s requirements.A signature can accompany changed terms.
Counteroffer vs. inquiryA required substitution differs from asking about a possible change while leaving the offer under consideration.Read the actual condition, not just punctuation.
Counteroffer vs. modificationA pre-formation response differs from changing an existing agreement under its terms and law.First establish whether a contract already exists.
Counteroffer vs. addendumCounteroffer describes an effect. Addendum describes a document that can accompany different transaction stages.A filename does not decide legal effect.
Counteroffer vs. rejectionA counteroffer ordinarily both rejects the live original and proposes another bargain; rejection alone does not necessarily propose one.Declining and replacing are different acts.
Expiration vs. revocationExpiration follows the applicable time limit. Revocation withdraws an otherwise live revocable proposal through effective communication.An unsent decision is not necessarily notice.
Changed price vs. changed riskA credit, contingency or possession term can change the exchange even if the price stays the same.Compare every operative term.
Original offeror vs. counterofferorThe former offeree becomes offeror of the counter; the former offeror receives the new proposal.Track the current proposal’s maker.
Signature vs. effective communicationSigning and satisfying the required communication are separate facts.Apply the actual acceptance method.
Multiple offers vs. multiple countersCompeting buyer proposals differ from seller proposals delivered to more than one buyer.Check each document’s formation terms.
Listed deadline vs. irrevocable optionA future deadline does not by itself establish a supported keep-open obligation.Read the option and other applicable rules.
Subjective intention vs. objective assentThe actual communicated words and conduct generally govern, rather than an undisclosed private wish.Preserve the exact record.

Work through the facts

Price counter

A buyer offers $450,000. In an ordinary pre-contract negotiation, with no supported option or contrary preservation term, the seller timely communicates a response requiring $465,000.

  1. The seller changed the purchase price.
  2. Price is a material term.
  3. The seller becomes counterofferor, and the buyer now decides whether to accept.

Answer: The seller proposed a $465,000 counteroffer and ordinarily rejected the $450,000 offer. The buyer now decides whether to accept the new proposal; the seller’s signature did not accept the buyer’s original price.

Closing-date counter

Before formation, a seller responds that agreement is conditional on moving closing from August 15 to September 1. Assume no existing review procedure or other modifying fact changes this ordinary negotiation.

  1. Closing fixes a material time for performance.
  2. The seller conditioned agreement on a different date.
  3. No price change is needed for a counteroffer.

Answer: The required closing-date change is a counteroffer even without a price change. It is not a request to modify a contract already stipulated to exist.

Inquiry preserves possibility

Before formation, a seller asks, “Would the buyer consider leaving the dining table?” The complete stated context shows only a genuine inquiry, with no conditional assent or rejection and no other terminating event.

  1. The response is phrased as a question.
  2. No assent or rejection has yet been communicated.
  3. The buyer's offer can remain live until another terminating event.

Answer: On the stated facts, this is an inquiry. The original offer can remain under consideration; the question does not itself accept it or keep it open beyond its actual life.

Attempt to revive original

In an ordinary negotiation with no option, contrary preservation term, renewal or other exception, a seller counters the buyer’s offer. The buyer then rejects the counter. The seller later purports to accept the original buyer offer.

  1. The seller's counteroffer ordinarily rejected the original buyer offer.
  2. The buyer then rejected the seller's counteroffer.
  3. Neither party can unilaterally revive the terminated proposal.

Answer: The seller cannot unilaterally revive the former offer on these facts. A renewed or new proposal and effective acceptance are needed.

Further repair change

Before a contract exists, the seller counters with a $3,000 repair credit. The buyer communicates a signed response requiring a $5,000 credit instead.

  1. The buyer did not match the seller's counteroffer.
  2. The credit change affects price allocation and performance.
  3. The seller now holds power to accept the buyer's new proposal.

Answer: The buyer made another counteroffer with a $5,000 credit. The $2,000 difference does not establish lender treatment, closing cash or any agreed new price; the other party has not yet accepted.

Late response

The counter expressly expires at noon and requires receipt by then. It lapses without extension, waiver or other modifying fact. The buyer’s unchanged signed response is received at 12:20 p.m. and expressly offers those terms anew for the seller’s acceptance.

  1. The stipulated counteroffer lapsed at noon.
  2. The response arrived 20 minutes later and cannot rely on the expired power.
  3. Its express new-offer wording gives a separate proposal to evaluate; no seller acceptance is supplied.

Answer: This is not timely acceptance of the expired counter. The scenario expressly supplies a new proposal; an actual late message must be read rather than automatically treated as a binding new offer.

Two buyers and unsafe counters

A seller sends ordinary signed counters to two buyers, each stating that buyer acceptance creates a contract, without multiple-counter protections.

  1. Each buyer may appear to hold a power of acceptance.
  2. Both acceptances could expose the seller to conflicting contractual claims.
  3. Special approved language and attorney guidance are needed before countering multiple parties.

Answer: The seller has created a risk of conflicting contractual claims. No later seller reselection right is supplied by these ordinary documents; use qualified guidance before sending competing acceptance-capable counters.

A request within an existing agreement

Assume a formed contract expressly permits nonbinding proposals for changes without terminating the existing agreement. A timely letter asks for a survey earlier than required, expressly preserves the current bargain and makes no inconsistent demand. No other terminating event is supplied.

  1. The scenario starts with an existing contract.
  2. The stated procedure permits a proposal rather than making it an automatic rejection.
  3. The actual agreement and communication control; a generic counteroffer label does not.

Answer: Analyze it under the stipulated modification procedure. This does not create a universal attorney-review period or make every disclaimer effective.

Sent before five is not the stated receipt event

A counter expressly requires unchanged acceptance received in the specified functioning, agreed system by 5:00 p.m. Assume no option, waiver, extension, malfunction, contrary governing rule or other modifying fact. The buyer sends at 4:59 p.m., but the system receives the response at 5:02 p.m.

  1. The stipulated clause requires receipt.
  2. The send time is one minute before the deadline; receipt is two minutes after it.
  3. A send timestamp cannot replace the supplied receipt fact.

Answer: The stated acceptance condition was not met. Evaluate any later communication as its own act; the exercise does not make it a new binding offer merely because it was late.

An unsent withdrawal does not reverse completed formation

Assume an ordinary revocable counteroffer, all other formation requirements satisfied and no contrary rule. The applicable facts expressly establish effective acceptance at 4:55 p.m. The counterofferor privately drafted withdrawal earlier, but the withdrawal first becomes effective at 5:00 p.m.

  1. The exercise supplies the effective events rather than asking a broker to infer them from a platform.
  2. 4:55 p.m. precedes 5:00 p.m. by five minutes.
  3. The earlier private draft was not already effective withdrawal on these stipulated facts.

Answer: The later withdrawal cannot revoke the already accepted proposal under these assumptions. This does not decide retraction, termination or remedies under a different formed contract.

Mistakes to avoid

  • “Signed means the original was accepted.” Compare the actual terms and required communication.
  • “Only a price change counts.” Dates, risks, credits, property and contingency rights can change the bargain.
  • “A small edit is automatically harmless.” Illinois strict-acceptance authority rejects that safe assumption.
  • “The roles never change.” The counterproposal’s maker becomes its offeror.
  • “The original always stays available.” An ordinary true counteroffer generally rejects it; do not invent unilateral revival.
  • “A question mark preserves every offer.” The complete language and context must actually be an inquiry.
  • “Every late response is automatically a new binding offer.” Read its objective content; no expired power or acceptance is supplied merely by lateness.
  • “A 5 p.m. deadline makes every offer irrevocable.” A deadline and a supported keep-open obligation are different.
  • “A seller can always select again.” That right must follow the actual documents and formation rules.
  • “A change request automatically rejects an existing contract.” Apply the contract’s actual review and modification procedure.
  • “The platform cures authority and writing problems.” Current electronic recognition does not supply missing substantive requirements.
  • “A broker may erase earlier versions.” Preserve the proposal chain and actual authorized final record.

Check your understanding

These are original teaching questions, not recalled or predicted PSI questions. Answer first, then explain why the other choices fail.

1. What is a counteroffer in an ordinary pre-contract negotiation?

  1. A response proposing a changed bargain
  2. A deed in every case
  3. Every signature without reading the terms
  4. Every question a recipient asks
Show answer and explanation

Answer: A. A response proposing a changed bargain

A true counteroffer generally rejects the original offer and proposes a new one. Stage, actual terms and applicable exceptions matter.

2. A seller counters a buyer’s offer. Who makes the new offer?

  1. The appraiser
  2. The recorder
  3. The buyer’s lender automatically
  4. The seller as counterofferor
Show answer and explanation

Answer: D. The seller as counterofferor

The former offeree becomes offeror of the counterproposal; the buyer receives the new proposal.

3. After an ordinary true counteroffer rejects the original, what can the counterofferor do alone?

  1. Not unilaterally revive the former power of acceptance
  2. Make the other party accept the counter
  3. Always accept the old offer later
  4. Automatically transfer title
Show answer and explanation

Answer: A. Not unilaterally revive the former power of acceptance

The example excludes an option, contrary preservation term or other exception. Renewal or a new effective agreement can be needed.

4. What supports classifying a message as a genuine inquiry?

  1. Only its question mark
  2. Only the sender’s private wish
  3. A required substituted price
  4. It asks about a possibility without conditioning assent or rejecting in the stated context
Show answer and explanation

Answer: D. It asks about a possibility without conditioning assent or rejecting in the stated context

Read the complete objective communication and context. A label or punctuation alone does not decide the result.

5. Before formation, a seller requires a different closing date as the condition of agreement. What does that show?

  1. A counteroffer despite unchanged price
  2. Completed conveyance
  3. Exact acceptance in every case
  4. A universal statutory extension
Show answer and explanation

Answer: A. A counteroffer despite unchanged price

A required change in a performance date changes the proposed bargain. The scenario is not an existing-contract modification.

6. In the expressly stipulated noon-receipt example, the buyer’s response is received at 12:20 p.m. after lapse. Which statement fits?

  1. The seller automatically accepts it
  2. Recording is the only timing event
  3. The expired power remains usable forever
  4. It is not timely acceptance of that expired counter
Show answer and explanation

Answer: D. It is not timely acceptance of that expired counter

The scenario supplies no waiver or extension and expressly proposes anew. Actual late-message content and law still require analysis.

7. Before formation, the buyer requires a $5,000 credit instead of the seller’s proposed $3,000. What is the response?

  1. A recorded mortgage
  2. Exact acceptance because the price caption is unchanged
  3. Another counteroffer
  4. Automatic lender approval
Show answer and explanation

Answer: C. Another counteroffer

The buyer requires changed credit terms. No lender treatment or accepted final bargain is supplied.

8. Why can ordinary acceptance-capable counters sent to two buyers create risk?

  1. More than one buyer may appear able to accept
  2. A counter cannot expire
  3. Every seller has an automatic second choice
  4. Buyers cannot read prices
Show answer and explanation

Answer: A. More than one buyer may appear able to accept

The actual formation language matters. Do not invent a later seller-reselection safeguard absent from the documents.

9. Can an ordinary revocable counteroffer generally be withdrawn before effective acceptance?

  1. Only by a title insurer
  2. Only after closing
  3. Yes, if withdrawal itself becomes effective under the applicable requirements
  4. Never
Show answer and explanation

Answer: C. Yes, if withdrawal itself becomes effective under the applicable requirements

An option or another applicable rule may limit withdrawal. A private unsent decision is not necessarily effective notice.

10. Which broker practice best preserves the counteroffer record?

  1. Use an undisclosed edit as acceptance
  2. Choose for the client
  3. Present under applicable duties, identify changes and preserve the full chain
  4. Erase earlier versions
Show answer and explanation

Answer: C. Present under applicable duties, identify changes and preserve the full chain

Authority, client instructions, communication, timing and the signed terms matter. Disputed legal effects need counsel.

11. What should a learner infer from Finnin’s strict-acceptance discussion?

  1. Every typo correction always transfers title
  2. Every existing contract ends after a question
  3. Do not assume an edit is harmless merely because it is called minor
  4. Every goods transaction uses the same rule without exception
Show answer and explanation

Answer: C. Do not assume an edit is harmless merely because it is called minor

The published stock-sale decision rejected that proposed minor-change safe harbor. Transaction type and stage still matter; do not import its stock/UCC analysis universally.

12. What does Patel illustrate about the identified attorney-review clause?

  1. Every Illinois contract has the same ten-day period
  2. The actual formed contract, clause and letter must be read together
  3. A disclaimer always defeats contradictory demands
  4. Every review request is an automatic rejection
Show answer and explanation

Answer: B. The actual formed contract, clause and letter must be read together

The court treated that clause as a condition subsequent and did not treat the stated request as a counteroffer. Its particular terms are not a universal form.

13. A deadline says receipt by 5 p.m. Which fact alone does not establish compliance?

  1. A 4:59 p.m. send timestamp
  2. A matching term record
  3. Timely stipulated receipt
  4. The actual required communication event
Show answer and explanation

Answer: A. A 4:59 p.m. send timestamp

Dispatch and receipt are distinct. Apply the actual clause, agreed system, facts and law rather than a universal platform rule.

14. Which statement about a proposed addendum is accurate?

  1. It always transfers title
  2. Its content and stage determine its legal effect
  3. It always cancels the original agreement
  4. The filename proves acceptance
Show answer and explanation

Answer: B. Its content and stage determine its legal effect

An addendum can accompany an offer, counteroffer or existing contract. Read the actual terms and applicable procedure.

15. An offer lists Friday as its expiration. What follows from that fact alone?

  1. No withdrawal is legally possible
  2. It is a supported option
  3. It is already a completed contract
  4. The date does not by itself establish irrevocability
Show answer and explanation

Answer: D. The date does not by itself establish irrevocability

A deadline is different from a supported keep-open agreement or another limit on revocation.

16. Who generally decides whether a seller accepts a buyer’s counterproposal?

  1. The seller through actual authorized decision-making
  2. The recorder automatically
  3. The appraiser automatically
  4. Every competing buyer jointly
Show answer and explanation

Answer: A. The seller through actual authorized decision-making

A broker can communicate with authority but does not acquire the client’s contracting decision merely by handling the document.

17. Which law is the current Illinois electronic-transactions reference for this page?

  1. No law recognizes qualifying electronic records
  2. Repealed 5 ILCS 175 as current law
  3. Only a platform’s completion badge
  4. 815 ILCS 333, UETA
Show answer and explanation

Answer: D. 815 ILCS 333, UETA

Apply UETA scope, agreement, attribution and other applicable law. Electronic format alone does not cure missing substantive requirements.

18. Does a short closing timetable automatically remove the Illinois land-sale writing screen?

  1. Yes, if a broker texts
  2. Yes, every closing within a year is exempt
  3. No; apply the Frauds Act and actual exceptions
  4. Only if a buyer changes price
Show answer and explanation

Answer: C. No; apply the Frauds Act and actual exceptions

The required signed record and statutory authority matter. A generic one-year shortcut does not resolve land-sale enforcement.

19. The parties already have a formed contract, and its stipulated procedure permits nonbinding change proposals. What comes first?

  1. Ignore the procedure
  2. Read the contract and the actual request under that procedure
  3. Assume every request terminated it
  4. Backdate a new acceptance
Show answer and explanation

Answer: B. Read the contract and the actual request under that procedure

A pre-formation counteroffer rule is not an automatic cancellation rule for every existing agreement.

20. A party privately intends different terms from what it objectively communicates. Which generally governs formation?

  1. The objective words and conduct in their proper context
  2. A later marketing description alone
  3. The undisclosed wish alone
  4. The broker’s guess alone
Show answer and explanation

Answer: A. The objective words and conduct in their proper context

Urban Sites discusses objective assent in a commercial lease/estoppel setting. It is not a rule that every disputed signature or private document is valid.

21. In the exact receipt-based example, the response is sent at 4:59 p.m. but received at 5:02 p.m. after a 5:00 p.m. deadline. What follows?

  1. Dispatch always controls every contract
  2. Every late message is automatically a binding new offer
  3. The platform may backdate receipt
  4. The stated receipt condition was not met
Show answer and explanation

Answer: D. The stated receipt condition was not met

The example supplies a functioning agreed system, the receipt requirement and no modifying fact. Different terms or law require separate analysis.

22. Effective acceptance is stipulated at 4:55 p.m.; withdrawal first becomes effective at 5:00 p.m. Which event occurs first?

  1. The effective acceptance
  2. Withdrawal because a private draft existed earlier
  3. A new deed automatically records
  4. A universal mandatory review period starts
Show answer and explanation

Answer: A. The effective acceptance

On the supplied effective-event facts, acceptance occurs five minutes earlier. This is not a method for deciding disputed private platform or notice facts.

23. For the stated Section 15-75 exclusive-agreement minimum assistance, what must occur?

  1. Only an app score of 90%
  2. The purchase agreement is signed and all contingencies are satisfied or waived
  3. Only a listing advertisement
  4. Only a first signature
Show answer and explanation

Answer: B. The purchase agreement is signed and all contingencies are satisfied or waived

The statute joins signature and contingency resolution. Other duties can remain; this is not a rule that every brokerage agreement must be exclusive.

24. After signature, a broker wants to change the credit in the specified written agreement. Which action fits Rule 1450.775?

  1. Silently replace the file
  2. Obtain all signatories’ required written consent and direction, with each change signed and initialed at the time
  3. Add only the broker’s initials
  4. Assume the platform supplies consent
Show answer and explanation

Answer: B. Obtain all signatories’ required written consent and direction, with each change signed and initialed at the time

The rule applies to the specified physical and electronic agreements. An unauthorized edit is not automatically a formed modification or valid acceptance.

Common questions

What is a real estate counteroffer?

It proposes a changed bargain in response to a live offer. In an ordinary negotiation before formation, a true counteroffer generally rejects the original and creates a new proposal. The former offeree becomes offeror. A genuine inquiry and a request under an already formed contract can have different effects.

Does a counteroffer reject the original offer?

Ordinarily, a true counteroffer in pre-contract negotiation does. The maker cannot simply revive the former power of acceptance by changing their mind. Read actual contrary terms, supported-option issues and any special contract procedure. Do not apply this ordinary rule as automatic termination of every existing contract.

Does only a material or large-dollar change count?

Do not assume a small change is harmless. Finnin v. Bob Lindsay applied strict acceptance even to changes described as minor in the stock-sale transaction before it. Price, dates, credits, property and risk provisions should all be compared. That opinion’s separate stock and UCC analysis is not a universal rule for every transaction.

What is the difference between a counteroffer and an inquiry?

A required substituted bargain differs from a genuine question about a possible change. Read the complete words and conduct in context. “Would you consider including the table?” can leave an offer under consideration; “I agree only if the table is included” requires something different. Punctuation or a disclaimer alone is not a universal safe harbor.

Who can accept after a counteroffer?

The recipient of the new proposal has the relevant acceptance opportunity while it remains live. If a seller counters a buyer, the buyer receives the new offer. A required further change can make another counteroffer. The broker’s delivery role does not automatically make the broker a principal with authority to accept for everyone.

How is a counteroffer accepted?

Satisfy the live proposal’s actual terms, timing, communication and authority requirements, along with the other formation and enforcement requirements. Signing a different bargain is not acceptance of the unchanged one. A signature or platform status alone does not prove required delivery, receipt, electronic attribution or a complete authorized final writing.

Is a late acceptance automatically a counteroffer?

A late response cannot rely on an already expired power of acceptance. It may communicate a new offer, depending on its objective content and the relevant law, but lateness alone does not turn every message into a new binding offer. Read extensions, waiver, actual receipt and conduct. The noon example expressly supplies lapse and a new proposal; it does not announce a universal email rule.

Can an ordinary counteroffer be withdrawn?

Generally before effective acceptance, if withdrawal itself becomes effective under the actual requirements. An unsent decision or a platform change is not necessarily notice to the proper person. A supported option or another governing rule can limit withdrawal. A listed expiration time alone does not automatically create an irrevocable offer.

Can a seller counter two buyers?

Competing negotiations can create conflicting-contract risk if each ordinary counter is capable of acceptance. Any special procedure must actually establish how formation occurs and whether further seller selection is required. Use appropriate documents and qualified guidance. Do not assume every seller always gets a second approval after a buyer has effectively accepted.

Does an attorney’s request for changes reject the contract?

It depends on the actual contract, stage, review clause, communication and timing. Patel treated its identified clause as a condition subsequent in an already formed agreement and considered the letter’s preserved-bargain language. It did not establish a universal review period or make every disclaimer effective despite inconsistent substantive demands. A live dispute needs qualified counsel.

Is a counteroffer the same as an amendment or addendum?

No. Counteroffer describes a changed proposal during negotiation. An amendment changes an existing agreement under its actual requirements. Addendum describes a document that can serve different purposes at different stages. Its title alone does not decide whether there is an offer, acceptance, permitted request or effective modification.

Can electronic signatures create a binding counteroffer or acceptance?

Qualifying electronic records and signatures receive recognition under Illinois UETA, 815 ILCS 333. Agreement to transact electronically, attribution, authority, the actual terms and other applicable law still matter. A typed name or completion badge is not a universal cure for missing assent, a missed receipt deadline or an unauthorized edit.

What should the broker preserve?

Keep every operative proposal, attachment, authorized change, signature, communication, receipt or delivery record, extension and client instruction needed to explain the sequence. Apply the actual client duties and lawful instructions about presentation and confidentiality. Refer disputed formation, special multiple-counter language, attorney review and custom legal drafting to qualified counsel.

Are these official questions or legal advice?

These are original exam-learning scenarios, not recalled PSI items, a validated readiness score or legal advice. Court holdings and statutory principles are used within their identified scopes. This page does not decide a private agreement, remedy, deposit release or legal deadline. Preserve the complete facts for qualified Illinois counsel when a live dispute arises.

Does the ordinary rejection rule answer every option question?

No. A supported keep-open contract and its underlying purchase offer require separate analysis. Do not assume a negotiation response has exactly the same effect as one involving an ordinary revocable offer. Read the option’s actual terms, exercise requirements, duration and applicable law. The ordinary rejection examples expressly exclude an option; this page does not decide a private option’s termination or exercise.

Can the broker silently edit a signed counteroffer?

No. Illinois Rule 1450.775 requires the specified written consent and direction of all signatories for the covered change, and each change signed and initialed at the time by all signatories. Its physical and electronic scope matters. Preserve the actual versions and obtain the required authorized final record; a platform or private edit does not substitute for that process.

Does a signed purchase agreement end every negotiation-related broker duty?

No. For an exclusive agreement, Section 15-75 includes the stated assistance until the purchase agreement is signed and all contingencies are satisfied or waived. Other duties can remain. The statute is separate from whether a particular counteroffer has been accepted; do not use signature alone to end the stated minimum assistance.

What facts should a counteroffer timeline show?

List each proposal and version, its maker and proper recipient, the exact deadline and time zone, required communication event, signatures, actual transmission and receipt, extensions, effective withdrawal and effective acceptance. A business-day term needs its applicable definition and calendar context. Distinguish a supplied effective event from a disputed platform timestamp. These exercises do not calculate a private legal deadline or authorize backdating.

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Official sources and scope

Reviewed through October 27, 2026. Formation, an existing contract’s review procedure, option exercise and brokerage duties are different questions. Published decisions are used for their identified holdings and contexts. The scenarios supply their assumptions and do not decide a private offer chain or deadline.

This is exam preparation, not advice for a specific transaction. State law and the applicable facts control. Our editorial and corrections process explains how to report an issue.

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