Page 3Assessment 2, Semester 1 2020, AYN456 Business and Corporations Law Leasing Problems at the Happy Home BaseOn March1 2020, Jones, owner of a local restaurant came to see you. He is very worried about the lease on his well known restaurant and is seeking your advice (as he is aware you are doing business law).Jones' restaurant has been an anchor tenant ofCommercial Malls' Happy Home Base shoppingcentre for nearly two decades. His current lease is set to run out in 2021 and he has just substantially renovatedthe restaurant. Not surprisingly, he is keen to continue on in that locationon favourable terms.On February 1, 2020, Jones emailed Dick indicating his intention to continue on in the site post 2021 and raising discussions the two had around the current lease, making it clear he considers Dickhas a contractual promise of alease extension beyond2021. Jones was alarmed to get a letter shortly after from Dick not only indicating that norenewal would be forth coming but, to the contrary, asserting that as Jones was in violation of a condition of theircontract, CommercialMalls Pty Ltd was giving Jonesnotice to vacate. Under thelease termthey cite, Jones must do so in21 days with adaily liquidated damages rate of $10,000 applying to each day beyond that date. As Jones believes he could not possibly move out (vacate) in less than a month -and absolutely does not want to go regardless-he is concerned as to:1)Whether Dick'sterminationnoticeis valid 2)Whether, on the facts asset outbelow, Dick has a contractual obligation to grant Jones a renewal extension 'as promised as part of the 2016 agreement'.3)What options, including compensation measures,he is either entitled to recoveror may be at risk of having to pay depending on the legal outcome.4)The most commercially sensible course of action you would recommend with reference to the likely legal outcomes.