Jeff is a horse racing fan and tells Peter, the manager of his construction company, to attend an auction and bid on his behalf for the horse, Hannibal. He told him to spend 'not a cent more than $100,000' on the horse. Peter bids $100,000 but with the auctioneer's commission and GST he receives an invoice for $120,000. Peter is himself very knowledgeable about horse breeding and he thinks that Hannibal could be sold for $150,000. In anticipation of Jeff's rejection of the horse, Peter starts negotiations with a buyer willing to pay him $150,000 for Hannibal. Advise Peter as to his legal rights and duties in Agency Law and how he should deal with the matter