Contracts and Acceptance

James and Barbara Smith were engaged in negotiations over the purchase of a house. Their most recent offer was for $180,000. On June 6, the Smiths received a counteroffer from the seller containing several additional terms and conditions, with no change to the purchase price. The seller told the Smiths that if they wished to accept the counteroffer, they should sign it and return it immediately. The Smiths signed it, but changed the closing date to extend it by five days. At 10 A.M. Do they have a contract.  1. What is a counteroffer? 2. Provide an argument in favor of James and Barbara Smith (buyers) that there is a contract between the parties

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