solve the question using IRAC METHOD. WORD LIMIT: 800

Judy and Yvette recently inherited some vacant land from their grandfather. The land is close to a growing city. They are emotionally attached to the land (they used to have picnics on it as a family) and decide to hold onto the land and sell it later. In the meantime, they agree to split expenses, such as council charges and liability insurance. Do Judy and Yvette become partners concerning this project? Would your analysis of the facts cited above differ if Judy and Yvette decide to increase the value of their land by subdividing it, installing a sewer, providing electricity, water and streets? (100 marks)