IRAC Questions (10 Marks) Question 1. You have come up with an innovative business model for a chain of convenience stores using an app (smartphone application), CCTV (closed-circuit TV) and artificial intelligence (AI). Customers link their debit or credit card when they sign up to use the app. The app is activated when customers enter the premises of the convenience store allowing them to choose products from the shelves, return products to the shelves, and take new products from the shelves as they wish. The CCTV-AI system enters the price of the item in the customer's virtual shopping cart once the customer takes the product from the shelf. The system also deletes an item from the shopping cart once they return it to the shelf. Once the customer leaves the store, the app charges all the items to the customers debit or credit card. If the customer picks up an item from the shelf that requires authorisation under the law such as prescription drugs (requiring a medical prescription), the app will alert a certified pharmacist to either accept or reject the transaction from a computer in a regular checkout counter. Your potential investors have doubts regarding whether the business model infringes the law. Advise your investors as to how and when the agreement between the business and customers takes place