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?

Question

Quizplus · Accepted Answer

The inadequacy of consideration could render the transaction unenforceable. The court would consider whether the university paid an amount that would reasonably indicate acceptance of the store's offer. In this case, the university paid $500, which would not be considered reasonable for 100 copies of the book. Therefore, the store could argue that there was no meeting of the minds, and the contract should be considered unenforceable.

The Big Book Store Just Received a Shipment of 100