Carl owns a fast food business that he has been operating successfully in a suburb of Melbourne for, many years. Car! is now getting close to retirement age, and is thinking about selling the business. One of his managers, Brian, has shown some interest in buying the business from Carl. One evening after closing the business for the night, Carl and Brian discuss the possible sale of the business to Brian, and they reach agreement on the terms of the sale of the business. Cart then prepares a memorandum of the terms of agreement on his laptop computer, and prints it out for Brian to'check. The details contained in the memorandum include: - 5:- the price to be paid by Brian for the business, _ F the amount of the deposit to be paid by Brian on the signing of the memorandum, i;- the date upon which the balance of purchase money is to be paid by Brian, F a list of the items of plant, equipment and furniture to be included in the sale price, is arrangements for the transfer from Carl to Brian of the relevant licences to operate the business,'and F provision for the assignment from Carl to Brian of the lease of the business premises from the owner of the premises Carl explains to Brian that it will be necessary to have a formal contract for the sate of the business to be prepared by Carl's solicitor. He therefore includes a term in the memorandum in the following terms: - \"The safe of the business fmm Bad to Brian is subject to the preparation and signature by Cari and Brian of a fauna! contract of saie in tonne acceptabie to Cari's soiicitor\". Both Carl and Brian sign the memorandum and Brian hands to Carl a cheque for the agreed deposit to be paid for the business. I When Brian goes home later that evening, he tells his wife that he has agreed to buy the business from Cart. Brian's wife is an economist employed by the government, and she has knowledge of planned government legislation that is likely to impact seriously upon the protability of fast food businesses such as Carl's. She threatens to leave Brian if he goes ahead with the purchase of the business. Given that the formal agreement relating to the sale of the business by Carl to Brian has not yet been prepared or signed. Brian now seeks your advice. whether he can avoid going ahead with the purchase of the business. Advise Brian, using cases to support your conclusion. (10 marks)