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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The Answer of 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.

The Big Book Store Just Received a Shipment of 100