Mario, a developer, borrowed $2,000,000 from Greedy Finance Pty Ltd for a development

project. The terms of the agreement required the full $2,000,000 to be paid within 60 days at

12% interest. At the end of the 60 days, Mario told Greedy Finance Pty Ltd that he would be

unable to pay the full amount as the development had not sold as well as had been expected.

He offered to pay $1,200,000 immediately in full settlement of the debt. Greedy Finance Pty Ltd

accepted this payment. Sometime later, Greedy Finance Pty Ltd claimed the balance of

$800,000 plus the interest. Mario argued that he should not have to pay more as Greedy Finance

Pty Ltd had agreed to accept the $1,200,000 as a full settlement.

Advise both Mario and Greedy Finance Pty Ltd:

(a) of their legal rights, if any, that they may have in this dispute.

(b) who is likely to win the dispute if the matter went to trial and why?

Kindly use Australian Contract law