PART A Four step process [25 marks) Veronica takes over the family company 'Genuine Leather Goods Pty Ltd', which manufactures handbags, belts and wallets. At a family wedding Veronica was discussing with her husband that she needs to purchase new machinery to make the company more efficient. Her cousin, Andrew overheats the conversation between Veronica and her husband. He is a director of 'Equipment Sales Ply Ltd' which supplies plant and manufacturing equipment to factories. Early Monday morning Andrew approaches his cousin offering to sell Genuine Leather Goods Pty Ltd machinery that will make the company more efficient by 30%. He says that he is prepared to sell the equipment to the company for $150,000 and that the offer will remain open until 5pm Friday. He further states that acceptance could be by post, fax or email. On Tuesday, Veronica on behalf of Genuine Leather Goods Pty Ltd sends Andrew an email accepting to purchase the machinery for $150,000. Andrew delivers the machinery to Genuine Leather Goods Pty Ltd for installation and hands Veronica the invoice for payment. Veronica says: 'Thanks Andrew I will instruct the bank to transfer $140,000 to your account straight away. I've decided to deduct $10,000 as a family discount.\" Andrew demands the full amount of $150,000. Veronica says that as they are family they don't have to strictly follow the agreement. Question (1) 10 Marks Assume that the element of agreement required for the formation of a contract exists. Using the four-step process, discuss whether the elements of intention to be legally bound and consideration required for the formation of a contract can be established. Consider whether Andrew can enforce the contract against Genuine Leather Goods Pty Ltd