Case Study 1 On 1 March 2015, Max and his sister Maggie inherited in equal shares from their late Uncle's estate, a $20 million ten hectare sea-front property, plus bed and breakfast business, located on the outskirts of Point Lonsdale, Victoria. Max needed funds and wished to sell up. But Maggie, who wished to live on the property, and run the business, persuaded Max not to sell to a third party. Instead on 1 April 2015, the two of them entered into a short written agreement in which: •Maggie would buy Max's half share for $10 million, with a deposit of $1m payable by 1 May 2015, the $9m balance payable by 31 August 2015 and would also pay all overdue council rates and taxes by 7 May 2015•Maggie would assume full control of the business, take up residence on the property by 14 May 2015 and pay all expenses and outgoings•If Maggie wished to sell the property and/or business within three years she would first offer them to Max.These arrangements however didn't proceed as planned. •First, Maggie failed to take up residence until 30 May 2015 and she paid the $1m deposit on 1 June – a month overdue•Secondly, Maggie entirely failed to pay $45,000 owing to the Point Lonsdale Regional Council ("PLRC") for overdue rates. As a result, Max then spent $40,500 of his own funds to settle the debt. •Thirdly, on 1 August 2015 following an unexpected announcement; a new pro-development council altered the planning laws, allowing unrestricted coastal development.This immediately boosted the property's value to $35 million.Required:Referring to relevant legal cases and legislation:Advise Max who now wants either a half-share of the property or $35 million, if there are any legal and/or equity grounds allowing him to:(a)Rescind, terminate, or otherwise avoid the contract; (b)Confirm the contract but sue Maggie for breach of contract and/or for one-half of $35m in damages or some other appropriate sum.