An offer is rejected by which of the following?

A counteroffer occurs when the original terms of an offer are modified and presented back to the original offeror. By making a counteroffer, the original offer is not merely accepted; instead, it is effectively rejected since the offeree is proposing new terms. This action leads to the original offer being nullified and replaced with the new terms of the counteroffer. Thus, a counteroffer is a rejection of the initial offer because it indicates that the offeree does not accept the original terms and wishes to negotiate different ones.

In contrast, revocation involves the original offeror withdrawing the offer before it is accepted, which is not the same as a rejection by the offeree. Acceptance confirms the original offer rather than rejecting it, and withdrawal can refer to the offeree's ability to back out of negotiations but does not constitute an outright rejection of the original offer like a counteroffer does.