Contract law- solving a problem Assignment Example | Topics and Well Written Essays - 750 words

Contract law- solving a problem - Assignment Example This means the agreement is regulated and injured parties is provided with remedy should the contractual obligations fail to occur. In this case, Pete on realizing that the business is registering lower profits as a result of foreign competition approaches his landlord to have a reduction in payment of rent. Nath on the other hand ascents to this with a promise. This however does not qualify as a consideration in the contract. Whincup (2006) This case relates to the Rule in the High Trees (Central London Property Ltd v. High Trees House Ltd, 1947). High Trees entered into a rental agreement to rent flats from CLT. As the war proceeded High Trees, lack of enough clients made it difficult for High Trees to receive adequate rental income. Consequently, CLT accepted to receive reduced amount of rent. On completion of the war, CLT demanded full rent as the number of tenants started to rise. The court ruled that original full rent would be paid. However CLT could have no claim for the arrears. This ruling was based on the promissory estoppel that hindered CLT from going back to his promise (Ottley and Rush, 2006). As ruled out in the Pinnel’s case, (1602). Cole owed as sum of  £8.50 to Pinnel. This was due on November the 11th. Pinnel however made a request and Cole sent a lesser payment of  £5.11 on the first day of October. Pinnel agreed this amount in full settlement. Pinnel thereafter sued his debtor for the amount owed. The court decided that acceptance of part-payment was not a consideration but this would be binding in the case that fresh consideration be provided by the debtor if the creditor requested so. In relation to the case of Central London Property Ltd v. High Trees House Ltd, 1947), Nath accepted half rental payment. Pete promise was non-contractual and not sufficient for consideration. According to (Bose, 2008), promise made by debtor in payment of time barred debt