The Big Book Store Just Received a Shipment of 100

question 1

Multiple Choice

The Big Book Store just received a shipment of 100 copies of Contemporary Business Law: Principles and Cases at wholesale price. The store contacted the local university to see if it was interested in purchasing the book. The bookstore faxed an offer of $5,000.00 for the 100 books. Due to a poor quality fax transmission the last three zeros were not visible. Upon receiving the offer, it appeared that the 100 books were on sale for $500. The university accepted the offer, received the books and deposited $500.00 in the store's bank account. Upon receiving its bank statement, the store realized the error and decided to take action against the university. Will it succeed?

• A) Yes, the inadequacy of the consideration would render the transaction unenforceable because the university could not adequately determine the store's consideration due to error.
• B) No, the store has lost on the deal because offer and acceptance both took place.
• C) Neither side would be held to the contract because it would be ruled invalid. It will be renegotiated and the store will pay a penalty for breach of contract.
• D) No, the store cannot take action, but none of the above statements are true.
• E) Yes, the store can take action, but none of the above statements are true.

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