HI6027 Business and Corporate Law Assignment Help

Question 3 [from Week 3, 11 marks]

Lion Tree is a 13-year-old Australian junior golf champion. Everyone in the golfing circuit believes that he has what it takes to be world champion someday. His parents, Brent and Belinda sign a sports agency contract with Jenny Maguire Sports Agency Pty Ltd. The term of the contract is three years. Lion, on his own, also signed a contract to play golf with the Australian junior golf team. Lion also has an athletic apparel contract, which his parents also signed on his behalf, with PlusTwo Sportswear that requires him to wear only the company shoes exclusively for 2 years. As long as he abides by this term, the contract also stipulates that he would get PlusTwo shoes for free. On the other hand, if Lion does not abide by this condition, PlusTwo has the right to claim payment for all shoes given to Lion.
Now, Lion's parents want to terminate the contracts with Jenny Maguire Sports Agency and PlusTwo Sportswear because they are unhappy with the way both these companies are treating Lion. What is Lion Tree's liability if he terminates both these contracts? Advise him, citing legal basis in support of your advice. (Maximum 650 words)