Gray, an engineer for a manufacturer of die-cast parts, inadvertently used the weight of the parts rather that the labor cost in calculating the bid price. As a result, the price bid per part was about 25 percent above the cost of the raw die cast material rather than about 80% above the raw die-cast material cost (which would have resulted from proper bid calculation). The manufacturer to whom the bid was submitted immediately accepted. Gray's employer claims that he should be allowed to avoid the contract since an error was made in the calculations. Which of the following is incorrect? Select the best answer.