Which scenario describes a counteroffer?

A counteroffer arises when a party responds to an original offer with a proposal that alters some of the terms of that offer. In this scenario, when a proposal is made after rejecting the original offer, this constitutes a counteroffer. By rejecting the initial offer and suggesting new terms, the party is effectively terminating the first offer and presenting a new set of conditions for negotiation.

This process is an essential part of contract law, as it indicates that the parties are still engaged in the negotiation process rather than reaching an agreement at the outset. This is different from a direct acceptance of contract terms, which finalizes the agreement without introducing any changes. Similarly, a request for more information is not a counteroffer; instead, it reflects a need for clarification without altering the original terms. Lastly, summarizing previous negotiations doesn’t constitute a counteroffer but rather a recap of discussions that have already taken place, without making any new proposals. Thus, option B accurately depicts the essence of a counteroffer.