Not quite. Counteroffers expire or may be rescinded. In the absence of written terms it is obvious that a counteroffer expires whenever the seller feels like it.
So all that remains here is whether Dick had a duty to notify the expiration prior to Jump's acceptance.
Edit: if the negotiating process did have written or implied terms that would be different
Right. That's open to some context and interpretation across a continuum: informal, unstructured dealing at a garage sale on one end and billion dollar real-estate on the other.
