Milner Developers proposed an offer to Henry Wright, an independent contractor, offering to hire him for their next project. They offered him a certain rate Wright responded to the offer with a quote for a higher amount than that mentioned by Milner Developers. Do the two parties have a binding contract?

No the two parties don't have a binding contract.

Explanation:

The reason is that they parties don't have agreed on the terms and conditions because Henry has rejected the offer of Milner Developers by placing a counter offer and this counter offer shows the rejection of the original offer. So if the counter offer is placed by party (Henry) then the other party (Milner) has the right to accept or reject the offer before the closing of offer by the offerer. So in the scenario, it is given that Henry has made an offer to Milner and that Milner yet has not accepted the offer which means there is no binding contract between the two parties.

No, because Wright's letter was a counteroffer to the original offer.

Explanation:

In this case, as we can see, we were told that Henry made an offer to Milner and that Milner is yet to accept the offer, in a nutshell, this implies that in summary is that there is no binding contract between the two parties involved because, when Henry made the offer, Milner has not accepted yet. The answer will be

No, because Wright's letter was a counteroffer to the original offer made by Henry.