Adam e-mails Barbara, offering to sell her 500 shares of Microsoft

common stock for $40 each, for a total of $20,000. Barbara immediately writes

back, saying "I accept your offer regarding the 500 shares of Microsoft for

$20,000." At the time, Microsoft shares were usually selling for about $50 each.

When Adam realizes what other people are selling their stock for, he sends

Barbara a note saying: "I have changed my mind - forget about buying the

MSFT shares." Barbara sends Adam a check for $20,000, but Adam does not

cash the check, and he does not transfer the shares to Barbara. If Barbara sues

Adam to enforce her bargain regarding the shares of stock, what would the

expected result be in court?

a. Adam has a good defense that Barbara was not providing adequate

consideration for the shares, because the price was too low, and the judge will

rule that they had no enforceable contract.

b. Adam has a good defense that he has not cashed the check, so there was no

consideration paid for the shares, and the judge will rule there was no

enforceable contract.

c. The judge should rule that Barbara was entitled to the benefit of her bargain,

and will enforce their agreement as a contract. The price of $40 per share is

"adequate consideration" even though it might not be as high as Adam might

have wanted.

d. The judge should rule that even though they had no valid contract, they had a

"quasi-contract" that should be enforced as if it was a contrac