Katie has asked Mike if he wants to buy a Cervelo racing bike used by Lance Armstrong. Katie has said it is worth $5,000 and wants to know if Mike will accept this. Mike says sure but only if Katie delivers it with a framed picture of Lance.

What type of contract is this? Give reasons for your answer, referring to the relevant legal principles.

Distinguish this with the same deal where Katie delivers the bike with a framed picture but where both parties got the brand name wrong and it turns out it is an Italian made bike that Lance Armstrong used.

What happens then? Give reasons for your answer, referring to the relevant legal principles.