Waseem, aged 15, was very excited because he was to start summer camp at his school. However, his father was taking the family’s only car to Islamabad on business for a month. Waseem had been saving his pocket money for some time so he decided to buy a bicycle. The bicycle he liked was priced at Rs. 7,000·00, however Waseem had only Rs. 2000·00 with him. The shopkeeper knew Waseem and his father, so he allowed Waseem to take the bicycle on the promise to pay the remaining Rs. 5,000·00 on his father’s return. Waseem rode the bicycle to and from the summer camp for 15 days after which it was damaged in a fall.Waseem’s father has returned from the business trip and wants to return the bicycle. The shopkeeper has refused and wants the payment of the remaining Rs. 5,000·00.Required:Under theContractAct, 1872, advise Waseem’s father on the status of the contract between Waseem and the shopkeeper, and any obligations that Waseem or Waseem’s father may owe to the shopkeeper. (10 marks)