Bob Owns a Store That Sells Ice Fishing Bait and Tackle

Essay

Bob owns a store that sells ice fishing bait and tackle. He is negotiating for a large shipment of nightcrawlers large worms) for the annual December rush. Jim contacts Larry, Darrell, and Darrell's House of Worms, and the guys tell Bob that they will supply all his nightcrawler needs for $5.00 per hundred. Bob thinks about the price and agrees to get back to Larry, Darrell, and Darrell. Jim thinks $5.00 is a fair price and mails off his purchase order for 10,000 worms. Before Larry, Darrell, and Darrell receive Bob's acceptance, they call him to revoke the offer. It turns out that the price of worms is now $6.50 per hundred, and they want a higher price. Assume that the mailbox rule applies to this scenario. Discuss the rule and apply it to this problem.