A seller listed his home for $100,000. A person offered $90,000 and the seller counteroffered with $97,500. The person made a new offer of $92,000, which the seller rejected. Three weeks later, the seller called the person and indicated that he would accept $92,000. Is there a contract price

The counteroffer of $97,500 was rejected when the buyer proposed a new offer of $92,000. Since the original offer was not accepted, there is no basis for claiming a contract at this price, as the seller did not agree to the counteroffer.

Although the seller later indicated acceptance of the $92,000 offer, this acceptance came after the buyer had already rejected the previous offer. A valid contract requires acceptance of a specific offer while it is still open, and since the buyer's last offer was rejected, the seller's acceptance is not valid.

The initial offer of $90,000 was never accepted by the seller, who countered with $97,500. There was no agreement reached at this price, as the seller's counteroffer effectively nullified the original offer, preventing the establishment of a contract at $90,000.