Hi, need to submit a 1500 words essay on the topic Contract Modification.The defendant promised to pay an additional sum of money for each flats timely construction fearing he would face liquated dama

Hi, need to submit a 1500 words essay on the topic Contract Modification.

The defendant promised to pay an additional sum of money for each flats timely construction fearing he would face liquated damages for delay under the original contract.

After finishing about eight more completed flats, the plaintiff refused to work any more and also refused to return the remaining 460, which was the amount owing from the subsequent promise or the eight completed flats. The defendant tried to argue that following Stilk v Myrick3, they were not liable to the plaintiff because the subsequent promise was not legally enforceable due to the fact that no consideration had been paid for it .The plaintiff had offered no consideration because, in exchange, the plaintiff was only offering to do what he was already bound to do.4

The Court held that there was indeed a benefit for the defendant in that he would avoid the penalty liquidated damages and have the convenience of continuing with the same carpenter At the time this case was decided, it was widely expected that that this new notion of a "practical benefit analysis" would be applied to future cases concerning part payment of debts. 5If thoroughly applied the previous cases of Foakes v Beer and Pinnel's case would be rendered as not good precedent.6 Therefore, where the creditor accepts less than the full amount owed to him and promises to waive the rest of the money it would not be difficult for him to prove that there have been any practical benefits received.