Mark and Spencer were brothers. Spencer was 75 years old and they were both living in Victoria, Australia. They were both passionate about outdoor activities, they owned a small boat and they were sometimes going out sailing on the Groove, a lake close to their home.

From the times he was a Professor of Geography at Pensington University, Spencer recalls that the lakes in Australia were resources rich and had a very enjoyable climate, especially for old people like him.

On a Saturday morning, they were both in Mark's car driving to the lake for a sail. While in the car, they heard on the radio that there was a fishing contest happening on the lake that day. No formal enrolment requirements were needed. The radio advertisement said that in the lake, there was a big fish called the Blackbone and whoever caught the Blackbone would be entitled to a prize of 5,000 Australian Dollars. The brothers thought about it and decided to give it a try.

Spencer said: "Oh, I would like to win 5,000 Australian Dollars. It would be very helpful to me. My instalments for my bank mortgage for my property, the Wellington, have not been paid in a long time. I am afraid the bank will take the house away from me."

Mark then offered to help his brother. In return, Spencer offered to give the title to the property to Mark and offered Mark to come and live at the Wellington right away. In the meantime, the brothers reached the lake and, while on the boat fishing, they caught the Blackbone fish. They went to claim the prize, however the organizers told them they cannot claim the prize because they did not catch the fish by participating in the contest, but as a result of a social gathering.

On the way home, Mark was very happy that he will be able to live at the Wellington, a property he loved all his life. He decided to shorten the way and crossed randomly an unpaved road.

While there, their car was hit by John's horse and carriage. John was returning from his agricultural works and that was his usual way home. Mark and Spencer tried to make John liable for the accident, however John told them his carriage does not poses a license nor an insurance and the road was designated for carriages, not for motorized vehicles.

After a while, Mark moved to the Wellington property, continued making payments for the mortgage and improved the property. When he asked his brother Spencer to transfer the title to the property to him, Spencer refused.

1. Was this contract binding?
2. Discuss Offer and acceptance - focus on main conditions of validity for both
3. How do we evaluate intention in contracts?