George's son Charlie has a small import business, which brings into Australia specialist food products from SE Asia. The manager of Allied Banking Corporation of Victoria (ABCV) advised Charlie to take out a loan in Malaysian Ringgit, since Malaysia was where most of his imports were sourced. However, within weeks, the value of the Ringgit rose dramatically against the Australian dollar, which made servicing the loan extremely expensive.

ABCV, when confronted by Charlie, who argued that ABCV should never have recommended a loan in foreign currency, said that they (ABCV) were not legally liable for advice given; but they were prepared to refinance the loan so long as Charlie did not pursue any legal action against ABCV. Furthermore, ABCV said they would be compelled to wind up Charlie's business if he did not agree to this arrangement. Charlie felt he had no choice, so he reluctantly agreed.

Later, though, as he looked back and contemplated the difficulties that the foreign currency loan had created, Charlie was infuriated by the whole affair and decided to sue ABCV for his losses, despite the fact he had agreed not to pursue any legal course.

Will Charlie succeed against ABCV?Why/Why not?

Please use case law to support your answer. You only need to discuss genuine consent. Do

not discuss any other elements of the law of contract.

Note: While you may rely on the course materials on chapter 7 of the textbook, research is also required for this scenario