Andrew and Erica are Attends who are both enrolled in ACTG 2P40. OnJanuary10, Andrew andErica were discussing the suddenrisein valueofshares of GME,acorporationlistedon theToronto Stock Exchange.The shares had risen from $10.00 per share on January7to$40.00pershare and were being widely promotedonREAD-IT,astock analysis website.Erica did not haveatrading account and asked Andrew if hehadany excess sharesinhis account that he would selltoher.Andrewofferedto sell her 100 sharesfor$40.00pershare.Erica said she wouldlethim knowassoon as possible.On January 12,Erica toldAndrew that she would accept his other anddelivered a cheque to him for $4,000.00.Andrew refusedtoaccept the cheque since the shareswerenowtradingfor$42.00pershare.

EricacommencesanactionagainstAndrewclaimingthattheyhaveavalidcontract.Oneweeklaterthesharesdroppedto$16.00pershare.

Andrew now agrees that thereisabinding contract and sues Erica whensherefusestopay.Ericanow claimsthatthere is no contractandthat inanyeventacontract cannotbeenforced againsthersincesheisonly17anditwasa"friendly"deal.

Required:Discuss the applicable legal principles and advise whether there is an entorceablecontract and, if so,onwhatterms.Does it makeadifferencewhetherthe value of the sharesincreasesordecreases?