Collector Rotundo displays his beer can collection at the local swap meet. Chato sees the collection and is interested in buying it. Rotundo says he will sell the collection for $1,500. Chato says he really likes the collection but is only willing to pay $1,000. Which of the following is correct?
a. Chato's counteroffer terminates Rotundo's offer of $1,500.
b. If Rotundo rejects Chato's counteroffer, he can still accept Rotundo's offer of $1,500.
c. Neither offer is valid. Who would ever pay $1,000 or $1,500 for a beer can collection?
d. Chato's offer is a firm offer. Rotundo has an exclusive right to consider his offer for a reasonable period of time.
Ans: a. Chato's counteroffer terminates Rotundo's offer of $1,500.
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