QUESTION $3$

$(20$ Marks$)$

Liam, a $17-$year$-$old student, enters into a contract to buy a new gaming console on credit from a local electronics store. His parents are unaware of the transaction. After three months, he wants to return the console and refuses to pary the remaining balance.

$3\mathrm{.}1$ Discuss the contractual capacity of Liam.

$(5$ Marks$)$

$3\mathrm{.}2$ What are the legal consequences of this transaction?

$(5$ Marks

$3\mathrm{.}3$ Advise whether the contract is valid, void, or voidable. Plesese provide reasons for your answer.

$(5$ Marks

$3\mathrm{.}4$ Would the outcome have dillered il Liam had misrepresented his age?

$(5$ Marks