(Answered) Aaron and john nine-year-old pupils travel about two

Economics

Aaron and John, nine-year-old pupils, travel about two kilometers to school on bicycle. Aaron's bicycle has broken down and he has consequently missed several classes. John has two bicycles and he is willing to sell one to Aaron. John and Mr Smith, Aaron's Father, agree that John will sell one of his bicycles to Aaron and that Aaron will give R500 to him in full exchange.

Discuss whether the above scenario complies with all the requirements for the formation of a valid contract?

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