Flavio states that he would like to buy Mike's motorbike for $3,000.Mike responds 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."
i.There is a contract.
Ii.There is no contract.
Iii.Flavio's first statement to Mike was an invitation to do business.
Iv.Mike's response was a counter-offer.
V.Flavio's final statement to Mike was an acceptance.

Question

Flavio states that he would like to buy Mike's motorbike for $3,000.Mike responds 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." 
i.There is a contract.
Ii.There is no contract.
Iii.Flavio's first statement to Mike was an invitation to do business.
Iv.Mike's response was a counter-offer.
V.Flavio's final statement to Mike was an acceptance.

Quizplus · Accepted Answer

The Answer of Flavio states that he would like to buy Mike's motorbike for $3,000.Mike responds 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." 
i.There is a contract.
Ii.There is no contract.
Iii.Flavio's first statement to Mike was an invitation to do business.
Iv.Mike's response was a counter-offer.
V.Flavio's final statement to Mike was an acceptance.

Flavio States That He Would Like to Buy Mike's Motorbike