Question
Tim is a student at Victoria University who loves sports cars. He owns a number of sports cars and is interested in buyingmore. He goes
Tim is a student at Victoria University who loves sports cars. He owns a number of sports cars and is interested in buyingmore. He goes to visit his friend Ben who is a law student at Victoria University. Tim discovers that Ben has a very old BMW sports car which has been in the family for many years. It hasn't been driven for a long time and requires some repairs. Ben offers to sell the car to Tim for $100. Tim thinks this is a very good offer and accepts Ben's offer. Ben also seems pleased with the deal. Tim pays Ben the money and
arranges to pick up the car the next day.
Soon after, Ben finds out that the car is worth a lot more than $100 as it is an antique. He realises he has made a mistake and would like to sell the car for more money. The next day, Ben refuses to hand over the car to Tim. Ben says that he would like to withdraw his offer and also argues that their agreement is void due to insufficient (not enough) consideration.Advise Tim as to whether:
(a)Ben can withdraw his offer?
(b)Their contract is void due to insufficient consideration?
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