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The question raises the following legal issues; consideration, variation of contract, promissory estoppels and waiver.
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Assignment 2 Auto Beverage limited borrows £100,000.00 from Sykes & Pickavant, Merchant Bankers in order to extend the productivity of their manufacturing operation. The loan is taken out for a period of 5 years of which £20,000 is to be repaid each year with interest at 40% on the capital outstanding. This clearly shows that a legally binding contract is in force. There has been an offer, an acceptance and the intention to be legally binding. In addition to this consideration is an essential element in the formation of any contract. The question raises the following legal issues; consideration, variation of contract, promissory estoppels and waiver. English Law will not enforce a gratuitous promise as in this case £100,000 is being borrowed and if it was returned without anything given in return then it could not have taken consideration into concept. Thus the promisee has to give something in return for the promise...
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