Hussain and Hingora operated the Papaya Market and they entered into a “letter of understanding” with Red Burrito, the operator of several restaurants in the Vancouver area to convert the market into another Red Burrito restaurant. A new company was to be incorporated, with Hussain and Red Burrito having equal shares. Red Burrito was to arrange and pay for remodelling and start-up costs and Hussain was to manage the business. Hussain was also responsible to arrange that the lease for the premises held by himself and Hingora would be assigned to the new company. The new company was never incorporated and the lease was never assigned. The remodelling was done and the business opened, but after a disagreement, Hussain locked the Red Burrito people out of the restaurant and continued running it himself. They sued claiming a share of the assets and lease. Explain the arguments on each side and what the court will likely do in these circumstances.