Assignment Problem:
Robert owns a small hotel. To the north of the hotel is a yard which does not belong to him, but has always been used by the hotel for guest parking. To the east of the hotel is a field which does belong to him.
Robert wants to offer the hotel and the field for sale through auction. However, the auctioneer misunderstands his instructions and prepares a description plan of the property which includes neither the yard nor the field. The property is put up for auction as Lot 2 and the attention of bidders is drawn to the plan. Peter, who knew about the property from his brother, is under the impression that Lot 2 includes the yard but excludes the field. Without examining the plan, Peter bids HKD2.5 million for Lot 2. Although Peter's bid was the highest, Lot 2 was withdrawn from auction, as it did not meet the reserve price of HKD2.8 million.
On the same evening, Peter meets Robert and offers HKD3 million for Lot 2, thinking that Lot 2 includes the hotel and the yard. Robert, believing that Lot 2 includes the field, accepts the offer. They sign a note, "Lot 2, a hotel owned by Robert, sold to Peter for HKD3 million."
Question: Is there a valid contract between Robert and Peter? If so, what are its terms?