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SHORT ANSWER ASSIGNMENT1On the 25 May 2010 Jack Lumber Limited (JLL) entered into a contract with lightwoodIndustries (LL) of the heights of the hill to sell lumber planks 10 feet long at $100 each for thenext two years to LL (end 25thMay 2012). LL has another contract with Deadbeat Homes tobuild kitchen cupboards at Deadbeatâs housing Site in Paramin for which the lumber plank areused.JLL delivered over 1000 planks during 2010 and was paid the contract price by LL. However, inJanuary 2011 JLL announce a potential increase in the price of lumber planks to $110 per plankand warned of further increases to come in subsequent months.LL in February 2011 entered into another contract to build cupboard for Strongback HousingLimited at their housing site in Biche.In April 2011 JLL announce an official increase in prices to $120 per plank. At this point LLrequested a meeting with JLL to discuss this price increase and it effects on LL activities at itâsconstruction site in Paramin and Biche. After the meeting JLL submitted a revised contract withthe new pricing arrangement.LL accepted deliveries of the lumber planks from JLL which reflected the new pricingarrangement of $120 but paid the initial contract sum of $100 per plank and as such LL was in arrears to JLL.LL is adamant that they have a binding arrangement with JLL for two years ending 25thMay2012 to purchase lumber planks at $100 and JLL subsequent contractual arrangement in April2011 failed for want of consideration.The Lawyers for LL has indicated that JLL is already obligated to sell at $100 per plank beforethe new contractual arrangement in April 2011 to sell at $120.lightwood Industries (LL) is owned by Mr Lightwood your Father and he is aware thatyou arecurrently pursuing Business Law and he sought you advice on the issue. Please advised MrLightwood on the issue of consideration.