12.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.

a.i and iii.

b.i, iii, and iv.

c.i, iii, iv, and v.

d.ii.

e.ii and iv.