Question: ANSWER USING IRAC METHOD IF APPLICABLE!! (LAW) Amelia owes Biggles $1,000 plus interest of $120 under a loan contract. The money is due for payment

ANSWER USING IRAC METHOD IF APPLICABLE!! (LAW)

Amelia owes Biggles $1,000 plus interest of $120 under a loan contract. The money is due for payment on Friday. On Wednesday Amelia tells Biggles she has lost her job and cannot pay the money. Biggles tells Amelia if she sells her new Apple notebook (laptop) he will take the proceeds of the sale in full satisfaction of the debt and will not take legal action to recover any shortfall. Amelia was using her notebook to retrain for another job, but reluctantly agrees to sell it. Amelia gives the proceeds of the sale, $900, to Biggles. Biggles then demands the balance of $220. Is Biggles legally entitled to go back on his promise?

a) Explain the common law position.

b) Explain any equitable defence Amelia may have to action by Biggles. Cite a relevant case in your answer.

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