state and apply the relevant Uk law

Question 20 Aero Ltd is a producer and repairer of commercial aeroplanes. It has recently entered in to three contracts: Contract 1 Aero Lid entered into a contract with Faraway pic, a well known travel company, to build a new Dreamliner aircraft for a cost of E65 million. The contract was for payment in instalments over a 2 year period. Aero Lid wrote into the contract that if Faraway pic ever failed to make one of the instalment payments, Aero Lid had the 9 Please turn ove right to terminate the contract immediately and also to claim damages from Faraway pic of 12 million. Aero Lid started the work but Faraway pic failed to make the first instalment payment saying the travel market was too uncertain due to the global health pandemic and it did not want to commit to paying out such a high amount. Contract 2 Aero Lid entered into a contract with Snow Lid, a travel specialist to ski resorts, to build three new aeroplanes with extra room inside so that travellers can take their ski equipment on board. The total contract price wan $100 million. Aero Lid had almost completed the aeroplanes when Snow Lid withdrew from the contract saying that as the ski resorts will remain closed for the next 12 months, it can no longer afford the aeroplanes. Aero Lid started an action against Snow Lid for breach of contract but 3 weeks later sold the aeroplanes to an American ski travel company for $101 million. Contract 3 Aero Lid is in the process of building an aeroplane for Joanne Wraxall, a successful independent travel agent. The contract price is 825 million. Joanne has ran into financial difficulties and without consulting Aero Lid sent a cheque for 212.5 million in "full and final settlement of the debt". In the context of contract law, advise Aero Lid whether it can take any action against Faraway pic Snow Lid and Joanne Wraxall and whether it can recover damages. (25 marks)