Marvin has a contract with Stacey in which Marvin supplies Stacey with new high end tableware and cooking utensils for her restaurant business and Stacey agrees to pay Marvin the amount of $62,000.The goods were delivered on February 28, 2020 with payment due within thirty (30) days.Unfortunately, the Covid-19 pandemic caused governments around the world including here in British Columbia to take measures that caused an unprecedented slowdown in the hospitality industry.

Stacey had no intention of letting go her dream to run her own restaurant so she soon came up with creative ways to keep revenues coming into the business.Unfortunately, the revenues only covered her variable costs like rent, utilities, employee wages and food supplies and she was unable to pay Marvin the $62,000 that she owed him.

Stacey had always been a good customer in the past so after discussing the outstanding debt with Stacey, they agreed that Stacey only had to pay $32,000 of the debt and that he would forgive the rest.A year and a half later after the pandemic was officially declared over, Stacey's restaurant business enjoyed unprecedented success as pent-up demand meant restaurants everywhere were full to capacity.

Witnessing Stacey's resurgence in business, Marvin requested the $30,000 that Stacey still owed him from the previous debt.Explain whether Marvin can insist on Stacey paying him the money.In your answer:

i)identify the issue;

ii)discuss therelevantlegal principles;

iii)relate the legal principles to the facts of the situation; and

iv)provide a conclusion.