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PRACTICE QUESTIONS AND ASSIGNME Assume that John submits an offer to Lisa to purchase Lisa's home for $150,000. Lisa responds to John's offer with a

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PRACTICE QUESTIONS AND ASSIGNME Assume that John submits an offer to Lisa to purchase Lisa's home for $150,000. Lisa responds to John's offer with a counteroffer: she will sell John her home for $175,000. John then offers to purchase the home for $165,000, so long as he can obtain a mortgage and the house does not have termites. Lisa accepts the offer. In each of these transactions, who is the offeror, and who is the offeree? At what point is a contract for the sale of the home formed

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