Mrs Jones Offers to Sell Her House to Smith for $200,000

Mrs. Jones offers to sell her house to Smith for $200,000. Smith says he will pay no more than $185,000. Which of the following statements would be true at common law?

A) Mrs. Jones and Smith have negotiated a settlement.
B) Smith's price is close enough to constitute acceptance of Mrs. Jones's original offer, but the contract price will be set at $200,000.
C) Smith has terminated the original offer and now has set forth a counteroffer.
D) Mrs. Jones's offer remains open and so does Smith's counteroffer.