Oliver, while he was so drunk that he didnt know what he was doing, bid successfully at an auction for the purchase of a house. It was clear to the auctioneer that Oliver didnt know what he was doing. However, after Oliver sobered up, he confirmed the contract with the auctioneer. He then subsequently refused to complete the contract. Is Oliver bound to the contract? Required: Answer this question using the IRAC * method. (7 marks) (Word limit: Minimum of 150 words. Maximum of 250 words)