Please answer in context of the Australian laws only with proper application mentioned of the case law applied.

Ronnie is a board game enthusiast and the creator and managing director of League of Pro Gamers Pty Ltd. (LPG). Every year, Ronnie goes to Romania to attend the International Convention of Board Game Players, where she meets other board game aficionados, sees the many exhibitions, and plays various board games. She generally returns with new or collector board games that she has acquired and then resells to her clients at a profit as part of LPG's inventory. LPG also publishes a free newsletter with news on board games and goods. This newsletter is sent to members of the LPG's customer loyalty programme.

This year, Ronnie purchased an exquisite chess set that was originally held by Emperor Louis IV of the Armani Empire, according to the vendor. In the most recent issue of the newsletter, Ronnie included the following entry:

Gamers, here is a unique and uncommon opportunity! The chess board and pieces of Emperor Louis IV. This piece of history cost $25,000 to purchase.

Drake is a well-heeled collector of rare historical artefacts. He was in the bedroom of his son, Luke, who was a member of LPG's customer loyalty programme, and was offering him advise on getting an MBA. Following his conversation with Luke, he spotted the LPG newsletter on his desk, which had been opened to the advertising part, and saw the article about the chess set. Drake was well aware that the Louis IV chess set was a highly sought-after historical item. However, he believed that the chess set was in the possession of a Russian buyer and that it was worth more than $25,000. Nonetheless, he knew that displaying the set as part of his collection would make his business adversary and fellow antique collector, James Madison jealous. Drake instantly took down the phone number from the advertising, scheduled a meeting with Ronnie, examined the chess set, and paid her.

Drake planned to throw a magnificent evening party and invited other well-known antique collectors. His biggest achievement was bringing James Madison over to show him the Louis IV chess set. However, his victory was short-lived as James said loudly to Drake and the gathering audience:

"Oh, Drake, my darling! Have you thoroughly investigated this? That is not the chess set of Louis IV. I now hold the Louis IV chess set and have the necessary authenticity paperwork to verify it! "Did you acquire this in a backstreet bazaar?"

Drake's evening party ended in a dismal spectacle. Sitting alone after everyone had departed, he suddenly felt a surge of rage and slammed the chess set against the wall. As a consequence, the chess board was fractured and numerous chess pieces were severely damaged.

Drake took out his phone and dialled Ronnie's number. He accused her of being responsible for his humiliation and wanted his money back.

Question

Advise Ronnie of her legal position about the contract she made with Drake and if he (Drake) has the right to want his money back (you may also assume that Rooney did own the true Louis IV chess set). Please provide at least four detailed issue with IRAC/ILAC format with accurate explanation or justification of the relevant Australian Law; AUstralian case law , statute.

Marks Allocation

1. Identification of at least four issues.
2. Identification of the source of the Australian law on each issue: Australian case law, Australian statute.
3. Accurate explanation or justification of the relevant law on each of the following issue.
4. Application of the relevant law to each issue.
5. Presentation and organisation of work in the format of IRAC/ILAC and grammatically correct manner
6. [NB: Answers must be based on Australian laws. Any answers that are based on laws from another country or jurisdiction will attract a fail mark unless they are used as a comparison or to extrapolate perspectives from another legal jurisdiction with Australian laws.