Which statement about counter-offers is INCORRECT?

A counter-offer is a response made in negotiations that alters the terms of the original offer. The statement that the first counter-offer is the only one that counts is incorrect because negotiations often involve multiple rounds of counter-offers. Each party can propose changes, leading to several iterations until an agreement is reached. It is essential to note that each counter-offer effectively voids the previous offer, making it possible for parties to keep modifying terms through further counter-offers.

The other statements accurately represent the nature of counter-offers: they can indeed modify the original terms, and each one can be either accepted or rejected by the original offeror. Furthermore, the process of making counter-offers typically leads to extended negotiations as parties seek a mutually agreeable solution.