Three months before his 19th birthday, Karl purchased a high end road bike for the sum of $5,000 from Bob's Bike Shop. Karl's agreement with Bob's Bike Shop was to pay $500 per month for a period of 10 months. Karl made no payments until 5 months later when he got a bonus at work and made one payment of $500. Bob's Bike Shop sues Karl.

1. What is the legal issue/question (2 marks)

2. What is the Rule of Law/Legal Test that applies (1 marks)

3. Discuss the legal test that should be applied to the facts of the case and state the likely outcome of the dispute between the parties. Give reasons for your answer, referring to the relevant legal test (2 mar