Do the parties have a binding purchase agreement?

While a "meeting of the minds" is essential for contract formation, it can only occur when both parties accept the terms of the same offer. In this case, if the buyer has only received a counteroffer and has not accepted it in writing, a meeting of the minds cannot be established, as the original offer has been rejected.

This choice incorrectly implies that the buyer must accept the terms of the original offer without modifications. In reality, the buyer's response in the form of a counteroffer indicates a willingness to negotiate, thus changing the terms. The original offer can be countered, and acceptance of the counteroffer is what would lead to a binding contract.

Although a counteroffer must be in writing to be enforceable, this choice overlooks the necessity for the buyer’s acceptance of the counteroffer. The mere existence of a written counteroffer does not create a binding agreement unless the buyer explicitly accepts it, which must also be documented in writing.