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Question 2

Andrew and Erica are fhends who are both enrolled in ACTG 2P40. On January 10, Andrew and Erica were discussing the sudden rise in value of shares of GME, a corporation listed on the Toronto Stock Exchange. The shares had risen from $ 10.00 per share on January 7 to $40.00 per share and were being widely promoted on READ-IT, a stock analysis website. Erica did not have a trading account and asked Andrew if he had any excess shares in his account that he would sell to her. Andrew offered to sell her 100 shares for $40.00 per share. Erica said she would let him know as soon as possible. On January 12, Erica told Andrew that she would accept his offer and delivered a cheque to him for $4,000.00. Andrew refused to accept the cheque since the shares were now trading for $42.00 per share.

Erica commences an action against Andrew claiming that they have a valid contract.

One week later the shares dropped to $16.00 per share.

Andrew now agrees that there is a binding contract and sues Erica when she refuses to pay. Erica now claims that there is no contract and that in any event a contract cannot be enforced against her since she is only 17 and it was a "friendly^ deal.

Required: Discuss the applicable legal principles and advise whether there is an enforceable contract and, if so, on what terms. Does it make a difference whether the value of the shares increases or decreases?