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Contract Law - Geoff is the owner of a 1927 Bentley car, which he is renovating to its original condition with considerable help from his brother, Paul.
The first 200 words of this essay...
Geoff is the owner of a 1927 Bentley car, which he is renovating to its original condition with considerable help from his brother, Paul. When the work is nearly completed, Geoff decides to get married and can no longer keep the car.
He discusses the situation with Paul and they agree that in consideration of all the work Paul has done on the car, Paul can have it for £2,000 (which is far less than the car is worth). They agree that the money will be paid in four half - yearly instalments of £500, the first being due in December. A note of their agreement is drawn up by Geoff, and signed by Paul and himself.
Paul makes the first payment in December but soon after he discovers that it will cost much more to complete, the renovation than was originally thought, as some of the parts are having to be custom-made. Paul tells Geoff about this, and Geoff then agrees to forego the second payment, which has just fallen due in June of the following year. As a result Paul fees able to order the parts required.
Geoff now regrets
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