All functional and chic bike, with 3 gears, mudguards (make a big difference for this time of year), protected chain (so your pants don't get dirty), basket, front light, front and rear reflectors. Back-pedal for brake. The lock from the picture is not included, but I can give you a small U-lock for free ;)
So, it's ready for immediate use! All for only $120. Pick it up in Palo Alto (near downtown).