D) Wizard has contracted with Aca Engineering Pty Ltd ('Aca'l to build the tracks of a new levitating ghost train ride. The building to house the tracks has already been built. The contract was validly formed on 1 July 2021 and contains the following provisions: Clause 1: Ace will build 100 metres of track made of neodymium magnetic alloy, following the course set out in the Ghost Train Specications that have been provided by Wizard. Clause 2: Ace must provide weekly progress reports to Wizard. Clause 3: The contract price will be $500 000, with Wizard to pay $100 000 upfront as a deposit. Clause 4: Testing of the tracks is to commence on 1 November 2021. Clause 5: The tracks must be fully operational by 1 December 2021. Time is of the essence. The contract was signed by both parties and Wizard paid Ace $100 000. Ace commenced building the track. After Ace had built 95 m of track there was a fire at the world's largest neodymium mine and the global price rose ten-fold. Ace is refusing to complete the last 5 metres of track. Required: i) Analyse how each term is to be characterised. (3 marks) ii) Ace told Wizard 'this track is as good as done' and is demanding to be paid the outstanding $400 000. Wizard told Ace 'the contract is frustrated, we owe you nothing.' Does Wizard have to pay Ace anything? If so, how much? (12 marks) E) The Australian Council for Competition and Consumer Affairs (the ACCC) has been investigating Funlandia and discovered the following: i. Wizard operates a gift shop where it sells Funlandia merchandise, including novelty plastic sunglasses which do not block UV rays ii. Wizard has been placing job advertisements for persons to operate its rides. None of these applicants has been employed but applicants are instead persuaded to sign up for training courses at a cost of $2000 each. Wizard's employee Fred tells the applicants 'there is only one spot left, it's now or never!' Many applicants come from disadvantaged backgrounds and have poor language skills. Required: Advise Wizard of any breaches of the Australian Consumer Law. Refer to relevant legislation and cases in your