John, who is in the electronics business, sold a car stereo system on credit to Miles, a seventeen-year-old. The equipment cost $1,500 and Miles made an initial payment of $500 and agreed to pay the balance in 10 monthly instalments of $100 each. Questions 1. Which of these parties must honour the contract? 2. Why can the other party get out of the contract? 3. What is the effect if the party who can end the contract, chooses to do so