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| Paco Corp., a building contractor, offered to sell Preston several pieces of used construction equipment. Preston was engaged in the business of buying and selling equipment. Paco’s written offer had been prepared by a secretary who typed the total price as $10,900, rather than $109,000, which was the approximate fair market value of the equipment. Preston, on receipt of the offer, immediately accepted it. Paco learned of the error in the offer and refused to deliver the equipment to Preston unless Preston agreed to pay $109,000. Preston has sued Paco for breach of contract. Which of the following statements is correct? A. Preston will prevail because Paco is a merchant. B. Paco will not be liable because there has been a mutual mistake of fact. C. Paco will be able to rescind the contract because Preston should have known that the price was erroneous. D. The contract between Paco and Preston is void because the price set forth in the offer is substantially less than the equipment’s fair market value. |