As a new sales representative for Misco Equipment Corporation, you take a customer out to dinner. Before dinner is over, you have shaken hands on a deal to sell the customer nearly a half-million dollars' worth of industrial equipment. In writing up the formal contract the next morning, you discover that you misfigured the equipment's price. Your error could cost Misco $60,000. You telephone your customer and explain the situation.
Is the "deal" you made an enforceable contract?
Does the mistake you made permit you to get out of an enforceable contract?
What do you think will happen in this situation?