Virat offered to purchase Sachin's vintage Mercedes-Benz car after it was advertised for sale privately. His exact words to Sachin were as follows: "this car is great, I love it; I will definitely buy it. Please don't sell it to anyone else. I just need 10 days to arrange my finances, but there should be no problem." Sachin replied "ok, that will be fine". These two are well known to each other and those who know them would consider them to be friends. Sachin is also aware that Virat is quite wealthy. On the strength of Virat's words, Sachin borrowed bridging finance (a high interest loan) to buy another, more expensive, car. Before the 10 days had expired and after Sachin had bought the second car, Virat told Sachin he had been advised by his tax accountant not to buy the car. Sachin was furious as he had turned away other prospective buyers and now cannot find another buyer. He relied upon things Virat said about buying the car, and now he is burdened with a new loan and nowhere to put the second car. Sachin now seeks your legal opinion as to whether he might be able to enforce the contract with Virat.

Advise Sachin as to whether there was a valid contract. Can Virat pull out of the deal in this way? Explain your answer with specific reference to the issues of Intention, Agreement and Consideration. Your answer must refer to the relevant case law. ( IRACC model )