John is 16 and buys a set of tools for his plumbing apprenticeship which is to start when he finishes school in six months. While still at school he learns about the stock market and through his broker he invests in AppTools Ltd and BuzzTools Ltd. He doubles his money in AppTools and instructs his broker to sell. However, one month after buying BuzzTools the company goes into liquidation and as the shares are partly paid the liquidator is seeking to recover money still owing on the shares. Despite his mixed success on the stock market he decides to give up his plumbing apprenticeship and stick to the stock market.

Advise John as to the following:

a) Is he bound by the contract to purchase the tools?

b) Can he enforce the contract to gain the profit from the sale of his AppTools shares?

c) Can the liquidator sue John to recover the money owed on the BuzzTools shares?