2. Breezy Jet is a new low-cost airline specializing in flights to the USA. Breezy Jet enter a contract to lease an aircraft from Boring PLC. The agreement contains the following clauses: 1. Hire is payable from 1st January 2021 for two years at a rate of 500,000 per month payable in advance. 2. Pilots shall be provided by Boring PLC The new route is not as popular as Breezy Jet anticipated. The company is soon making large losses and in danger of becoming insolvent On 15: July 2021 Breezy Jet explain their situation to Boring PLC who offer to accept 250,000 per month hire until market conditions improve". Breezy Jet make payments at the lower rate for the rest of 2021.) On 1st January 2022 Breezy Jet, for the first lime, have fully booked flights Boring PLC tell Breezy Jet that they want to revert to the full rental of 500,000 per month and that they also would like the balance paying for the underpayments from July to December 2021. Boring PLC also demand an extra "one off payment of 1million otherwise Boring PLC will not consider entering new contracts with Breezy Jet after January 2023 From 1 January 2021 Breezy Jet start paying 500,000 per month They also pay the extra 1million because Boring PLC is now the only remaining manufacturer of passenger aircraft Under protest, Breezy Jet also agree to pay the balance of the underpayments made in 2021 Discuss UL22/0868