Per Lord Langdale, M.R. in Hyde v Wrench (1840) 3 Beav 334 at p.338:
… I think there exists no valid binding contract between the parties for the purchase of the property. The Defendant offered to sell it for £1000, and if that had been at once unconditionally accepted, there would undoubtedly have been a perfect binding contract; instead of that, the Plaintiff made an offer of his own, to purchase the property for £950, and he thereby rejected the offer previously made by the Defendant. I think that it was not afterwards competent for him to revive the proposal of the Defendant, by tendering an acceptance of it; and that, therefore, there exists no obligation of any sort between the parties, …
Per Megaw J said in Trollope & Colls Ltd v Atomic Power Constructions Ltd  3 All ER 1035 at p.1038:
To make a contract, there must be an offer and an acceptance. If an offer is rejected, there may be a counter-offer, but the counter-offer kills the original offer. The offeree cannot revert to the original offer and purport to accept it.