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You made an offer of the bicycle, your neighbor accepted it for consideration, and you both intended to enter this agreement, and you are both competent to do so; therefore, it is a viable contract.
Acceptance, in detail, happens when an offeree agrees to be mutually bound to the terms of a contract. It can be a written acceptance, like a contract for real estate or through a purchase order. It can even be through the mail.
In Japanese culture, it's unusual to say a direct ?no? to a request or offer, because it's impolite. And iie, in particular, can come across as rude. Iie is primarily used in answer to a question or to offer a correction, and paired with further explanation.
Offer and acceptance: An offer is a statement or action that indicates a willingness to agree. Acceptance is an agreement to the terms of an offer by the other party. An offer must be communicated to the person who is meant to accept it and may be made by words or conduct.
Politely declining usually involves similar phrasings as English, such as "I'm fine, thanks" (????). You can also leave it unsaid along with a reason, such as ?????????????? "Due to the time... (I can't stay/can't do it)" or ???????? "(sorry,) I'm in a hurry (and so I cannot stay)".