Algol contracts to purchase an antique merry-go-round carousel from a collector living in Railton Tasmania. Algol's business Beacon Tours has expanded into adventure tours and is wanting to further expand into the provision of amusement rides. She has been unable to locate any other merry-go-round carousels for sale anywhere else in Australia and so to find one in Tasmania has made her very happy. She negotiates what she thinks is a fair price of $28, 000.

On the day arranged for payment and collection the owner of the merry-go-round informs Algol that he had 'changed his mind' and 'would not part with the merry- go-round'.

Algol wants an order for specific performance.

Required: Advice Algol and Beacon Tours.

Please Identify the Party, Issues, Rules, Application, Conclusion