Question 1 Zed 1s the owner of \"Singapulah, a concept store that offers a curated selection of Singapore- based artwork and decorative items. As part of the National Day celebrations last vear, Zed decided to sell a series of paintings and other pieces of art which are based on some popular Singapore icons such as the \"Merfion. In order to promote and sell these art pieces. Zed decided to organise a special viewing party to allow the art pieces to be viewed and potentially sold via an auction process. The mvitation card, which was given only to a select group of VIP shoppers and their guests, stated as follows: Limited-Edition Singapore Art Pieces available exclusively for purchase at this special auction. Reserve price for each piece: 8100038 Highest bidder leaves with the art piece. At the start of the event, Zed explained to all the attendees how the auction process would take place. If an attendee was interested in one of the art pieces. he or she would be able to place a bid for it, by entermng his or her identification number as well as his or her bid amount (1.e. the price that he or she 15 willing to pay) into a special digital platform accessible via an iPad placed in front of each art piece. As the reserve price (1.e. minimum asking price) for each art piece is $100,058, the digital platform would not record bids that are less than this amount. Also, to mcrease the excitement of this bidding process, the bids are kept confidential and the bidders would not know whether they are the highest (and thus winning) bidder at the time that they place the bid. At the end of the event, the winning bid for each art piece as well as the identity of the winning bidder would be officially announced by Zed. and the wmning bidder would be required to make full payment for the art piece. Kelsey, a friend of Zed, was also invited to the special viewing party. As she was entitled to bring a guest to this event, she brought her friend. Tom, there as well While they were viewing the art pieces, Tom thought that the art piece titled \"Flight Mode was really interesting. Since Kelsey was placing bids for some of the art pieces. Tom thought that it would be fun for him to participate too, so he placed a bid of $100.058 for \"Flight Mode\". He did not think that he would win with this bid. since it was the lowest possible bid amount. As they were walking around the viewing area. Kelsey bumped into Zed and introduced Tom to him. They started chatting about the art pieces, and Tom revealed to Zed and Kelsey that he had also \"placed a low bid en \"Flight Mode just for fun\". Due to the humorous manner in which Tom said this, all of them had a good laugh. At the end of the event, Zed stepped onto a podium at the centre of the store to announce the winming bids for each of the art pieces. When he announced the winning ad for \"Flight Mode. 1t turned out to be Tom's bid of $100.058. Apparently, no other person had put i any bid for that art piece, so Tom's bid was the only bid. As Tom was the winning bidder, Zed asked Tom to pay the purchase price of $100.058 in exchange for the art piece. However, Tom sheepishly replied that he was participating \"just for fun\