Mike Responds to Flavio's Statement That He Would Like to Buy

question 51

Multiple Choice

Mike responds to Flavio's statement that he would like to buy Mike's motorbike for $3,000 by saying that he would want $4,000, given the work he has put into it. Flavio says OK. I'll give you that. Here's $2,000, and I'll give a promissory note for the balance payable at $500 a month for the next 4 months."
1.There is a contract.
2.There is no contract.
3.Flavio's first statement to Mike was an invitation to do business.
4.Mike's response was a counter offer.
5.Flavio's final statement to Mike was an acceptance.

• A) 1 and 3.
• B) 1, 3 and 4.
• C) 1, 3, 4 and 5.
• D) 2.
• E) 2 and 4.

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