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In automated negotiations (at Sedo, for example), it's standard that once you've made a counteroffer, you can no longer accept the original offer. When you make a counteroffer to someone with whom you're dealing directly, I think he or she should be able to choose whether to honor the original offer. (They usually do, but I doubt you can legally hold them to it.)
NB: I only attended law school for 6 days, so don't take my word as official.
k:
Follow-up with a counter-counter-offer and see where that ends at
