Problem-gratuitous promise for debt payment

Assignment Help Business Law and Ethics

Reference no: EM13824435

Problem:

Mickey makes car parts. Foreign competition has badly affected business and Mickey is finding it difficult to pay the monthly rent for the factory which he leases from Jing. In April 2012 he told Jing of his difficulties and said "You already have factories you cannot lease and soon you may have one more. Would you consider reducing my rent to half?" Jing agreed to do so until Mickey's business improved. One year later business was no better. Now Jing was also in financial difficulty and demanded full rent from May 2013, as well as all the rent in arrears, explaining that she needed all the money to keep ownership of the factory. Mickey refuses Jing's demands. Using the law of contract (not any legislation) discuss the arguments which Mickey and Jing could raise for the settlement of this dispute AND judge how it would be decided.

Additional Requirement:

This question belongs to the Law as well as it discusses regarding a condition where a person facing difficulty in business as well as settles with his landlord to pay half the rent till his business recovers. The business never recovers and landlord desires the full rent as well as arrears.

Word Limit: 706 Limits

Reference no: EM13824435

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