JKB、stores (‘JKB’) is a franchisee of Zike International (‘Zike’). Under their franchise agreement, JKB、has provided Zike with a bank guarantee of rupees 2,000,000 issued in favour of Zike by FriendlyBank (‘Bank’). Since then the following events have occurred:(a) JKB、has defaulted and Zike has requested theBank for the encashment of the guarantee in its favour.(b) TheBank has refused on the ground that it did not receive any consideration from Zike for providing the guarantee, therefore, Zike should approach JKB、Required:Analyse the situation from the perspective of contract law and advise Zike as to its future course of action. (10 marks)