Shelley sends Keats an offer via U.S. mail: "I offer to manage your website at a rate of $100 per hour. You must accept by Friday." Keats

signs: "I accept, but I'll only pay you $90" and puts it in the mailbox on Friday. Shelley receives the letter Saturday. Which of the following is

true?

I. A contract exists on the day Shelley sent the offer to Keats.

II. A contract exists as of Friday.

III. No contract exists because of the statute of frauds.

IV. No contract exists because of the mirror image rule.

1. I only2. I and III 3. I, II and IV 4. IV only 5. II only