Note: use IRAC method to answer the question below and refer to relevant case.

QUESTION 1 - CONTRACT LAW Lawrence sold his 2000 model SUV car to Misty for $10 000. During the negotiations, Lawrence claimed that the car was actually 2015 latest SUV model of which only few were produced all over the world. Misty who is aged 16 bought the SUV car thinking that it was a limited edition. (QuestionAdapted from Vickery, R. and Flood, M. (2012). Australian Business Law, 7" Edition. Pearson Australia) REQUIRED: A. Discuss what is contract and the types of contracts persons can enter into. (3 Marks) B. Discuss whether all the essential elements of a valid contract are present in the above scenario. Refer to relevant case laws where applicable. (12 Marks)