By Amy Feldman

By Amy E. Feldman

PHILADELPHIA (CBS) – What is your legal obligation to pay for a typo?

READ MORE: 'Big Brother' Debuts Wednesday in a Special 90-Minute Live Event

A guy who was selling a gold iPhone 5s on eBay kindly agreed to cancel the sale after the buyer, who meant to offer $1000, accidentally typed an extra zero. Really? A thousand bucks would have been reasonable?

READ MORE: Philadelphia Seeking Someone To Open Restaurant At Former LOVE Park Welcome Center

If you’re buying holiday gifts – or any items – on eBay, can a seller really hold you liable for a typo? Yes.

When you sign up to participate in eBay as a buyer, you agree to their terms of service (you know, the button you hit that says “I agree” without reading it). Had you read those terms, you’d have seen where it says each bid you make is a binding contract to buy the item if you win. If the buyer doesn’t pay eBay can charge the buyer’s account for it. And there’s no exception for typos.

MORE NEWS: Suspect Accused Of Shooting Into Northeast Philadelphia Bar, Killing 21-Year-Old Woman Arrested

On line, or in person, examine the terms of service and the bid before you agree to the contract. And have your head examined if you’re paying a grand for technology that will be so five-minutes-ago five minutes from now.