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an| Problem Question 3 Sharon and Rob have been considering expanding their business operations and offered to buy a similar business in nearby Seddon for $400,000. The business owner, Chunhua, said that price was too low and asked for $500,000. Sharon and Rob tell Chunhua they can't afford to buy the business at that price. Sharon and Rob enter negotiations with another business owner in Footscray and agree to buy their business. Two days later, Chunhua contacts Sharon and Rob and tells them she accepts their offer to buy her business for $400,000. Sharon and Rob are very worried - they cannot afford to buy two new businesses. Chunhua said they had to go ahead with the purchase as there was a legally binding contract in place. Sharon and Rob refuse and point out that there is nothing in writing and argue that as they have not signed anything, they can't be bound. Are Sharon and Rob legally obliged to buy Chunhua's business? Explain why or why not. Please remember to refer to any relevant legal cases and/or legislation to support your arguments, and ensure you fully explain the legal position. Type your answer in the answer box below