Can I please have help for a contract law question I'm stumped over...
Steven owns a scallop fishing boat and leases it to his cousin Danny for $20,000 per year for 10 years in 2017 to 2027.
After 3 years of fishing, Danny realizes the scallops populations have dropped affecting his income and after negotiation, Steven decides to drop the yearly fee to $10,000 although they don't sign on it.
Another 3 years later, the scallops seem to have a population explosion and Danny tells Steven that he can afford the $20,000 yearly fees again. Steven agrees and then says he will also need the $30,000 he didn't get the past 3 years.
Does Danny need to pay him the $30 000?
It isn't just a yes or no question but the correct terms need to be applied, i.e. using the IRAC method, what rules/legislation is relevant?
Steven owns a scallop fishing boat and leases it to his cousin Danny for $20,000 per year for 10 years in 2017 to 2027.
After 3 years of fishing, Danny realizes the scallops populations have dropped affecting his income and after negotiation, Steven decides to drop the yearly fee to $10,000 although they don't sign on it.
Another 3 years later, the scallops seem to have a population explosion and Danny tells Steven that he can afford the $20,000 yearly fees again. Steven agrees and then says he will also need the $30,000 he didn't get the past 3 years.
Does Danny need to pay him the $30 000?
It isn't just a yes or no question but the correct terms need to be applied, i.e. using the IRAC method, what rules/legislation is relevant?
