Billy lost his parents at the age of 5. For 10 years, Billy lived in a number of different foster care homes. At 15 years of age, Billy left school and moved in with a family friend, Ned, who lived in Gladstone and promised to look after him. Ned provided Billy with food and clothing during that period.

For Billy's 17^thbirthday, Ned said to Billy that he would go with him to Gladstone Motors and help him buy a second hand car (a $15,000 Nissan Getz) so that he could go fishing when he wanted and wouldn't have to walk to the beach. Ned agreed to pay the full amount for the car upfront and then, when Billy turned 18, Billy would pay Ned back only half that amount ($7,500).

Ned also agreed to let Billy start a work apprenticeship at his Gladstone automotive repair shop, on the understanding that he would not go and work at the other competing automotive repair shop in Gladstone, at least until Ned retired from the family business.

When Billy turned 18 years of age, he had a huge argument with Ned and now refuses to pay Ned back the $7,500. He has subsequently moved out, and is working at a competing Gladstone automotive business.

Advise Ned.

(Use ILAC for this Question)