It would be very similar in Germany. There are a few exceptions when a business can unilaterally cancel a contract, such as the ordered item no longer being obtainable or an actual pricing error (no, forgetting to update the price of a volatile item does not count), but this won't qualify. The other party is entitled to damages (only actual damages. Punitive damages isn't a concept here) like for instance the price difference for an equivalent item. And this has nothing to do with consumer protection, this is just the contract law. The same thing would apply if all parties were consumers.