The Big Book Store Just Received a Shipment of 100

question 130

Multiple Choice

The Big Book Store just received a shipment of 100 copies of Contemporary Business Law: Principles and Cases at a wholesale price.The store contacted the local university to see if it was interested in purchasing the book.The book store faxed an offer asking for $5,000.00 for the 100 books.Due to a poor-quality fax transmission the last three zeros were not visible,so it appeared that the 100 books were on sale for $500.The university accepted the offer,received the books,and deposited $500 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 court would consider "adequacy of consideration" in this situation.
• 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 these is true.
• E)Yes,the store can take action,but None of these is true.