Roy is an Italian exchange student who is studying design at a university in Melbourne. He bought a bicycle to cycle around the campus and city. As he is about to graduate and return to Italy, he wants to sell the bicycle.

While volunteering at Orientation Day, Roy meets Jack, a first$-$semester accounting student. Roy tells Jack that he would like to sell his bicycle for $$500$ before he returns to Italy. $$Do you know anyone who would be interested in buying it at the end of this semester?$$ Roy asks Jack. Jack says, $$Yes$,$ in fact, I have been looking for a bicycle. I will pay you next week$.$

Before Jack pays for the bicycle, Roy decides to extend his studies for an additional semester and wants to keep the bicycle for longer. Jack is very disappointed when he finds out as he was planning to cycle around the city during the tuition$-$free week.

Jack knows you are studying the Law of Commerce this semester and he seeks your advice as to whether he and Roy had entered into a legally enforceable contract on Orientation Day.

Analyse the scenario and advise Jack whether the elements required for the formation of a legally enforceable contract are present in the agreement he$$made$$with$$Roy$.$ Use IRAC$/$ILAC method to solve it

Answer rating: 100% (QA)

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