3. Tim hires a concrete mixer truck from Oceania Hire for $20,000 per annum for a period of five years. After one year Tim slips and injures himself and is unable to work for more than 3 days a week. He employs someone for the remaining 2 days but the profitability of his business is severely affected. He approaches Geoff from Oceania, who is sympathetic and agrees to reduce the hire to $15000 per annum. At the end of the second year Tim has fully recovered and his business is doing well. Geoff tells Tim that the hire for the remaining 3 years will revert to the original amount of $20,000 and he wants Tim to pay Oceania $5,000 within 2 months for the unpaid hire fee for the second year