Nick graduated last year from Douglas College with a BBA degree inFinancial Services. His grandmother, Nell, was especially proud of her grandson because he completed this first major milestone in his education three months before his 19th birthday. To honor Nick's achievement, Nell, bought Nick a new BMW M1000 motorcycle for just over $20,000. On the evening of his graduation, Nell gave the motorcycle to Nick. Nell financed the sport motorbike with BMW's finance arm over a three-year period at a 0.5% annual rate of interest. Nell knew that Nick would love the new bike after she took it for a test spin at speeds over 160 km per hour. Nick planned to work for two years with a large investment company before going back to university where he intended to study for his MBA in International Finance. Nick had a long-term dream to live and work in some major global financial hubs such as New York, London, Hong Kong and Tokyo. First, though, Nick was going to begin his finance career with Vancouver's financial services powerhouse - Mooney, Kasch, Moola and Coyne ("MKMC") The week after graduation, Nick found his dream apartment in the Coal Harbour area of downtown Vancouver and signed a one-year lease with the landlord, Merv. (In case you're wondering Merv is not a short form for Mervin - Merv's parents simply named him Merv.) A few days later, Nick decided to join a fitness club near his new apartment called Buff Mann Fitness Studio. He especially liked the cool name and was more than surprised when he met the owner, a young woman named Buffy Mann. As they were signing the 2-year membership contract, Buffy explained that she thought the name Buff Mann was more appealing to the fitness crowd than the name Buffy Mann. Nick agreed. Nick also agreed to pay a monthly rate of $150 plus another $50 per month for his Pilates classes. Buffy was impressed when Nick told her he worked for MKMC as a financial advisor and she guessed that Nick was likely in his mid-20s. Signing up for a premium membership earned Nick a free yoga mat, water bottle and gym bag worth $100 plus a $200 gift card to the fashionable yoga apparel store, MuMu Mango. For the next five months, Nick lived the life of a young urban professional. Then came the unfortunate incident that forever altered Nick's life. Nick attended the company's Farewell-to Summer party and, unfortunately, Nick had way too much alcohol to drink. He was so drunk that he had no recollection of spending most of the night slithering between the tables on his belly making animal sounds. Nick went too far, however, when he 'put the moves' on the morally righteous, faithful and loving wife of the managing partner. The next day, Nick was called into Employee Relations and terminated from his position based on a morals clause in his employment contract. To make matters worse, Nick came home to find that his motorcycle had been repossessed because Nell had failed to make payments for the past two (2) months. Sadly, Nell had been diagnosed with rapid onset Alzheimer's disease a couple of months after Nick's graduation. Although a person is generally bound to what he signs, Nick wants to try and get out of the contracts that he made. Discuss whether you think Nick will be successful. In your answer, 

i) identify the main legal issue(s); 

ii) discuss the relevant legal principles applicable in British Columbia; 

iii) relate the legal principles to the facts of the situation;  

iv) provide a conclusion.