Victor owned and operated a large refrigeration highway transport truck. He entered into a contract with Meat Packers Ltd. to haul large sides of beef for them at a fixed price per load for a period of six months, commencing July 2. On June 28, he appeared at the packing plant with his truck to see the loading facilities. When he examined the freezer plant, he discovered that he would require an extra employee to help him load and unload the meat. He then realized that he had made a contract that he could only perform at a substantial loss.

He informed one of the owners with whom he had contracted that he could not perform the agreement. The owner persuaded Victor to wait until the next day, when he could discuss the matter with the other owners. Victor agreed to wait and left his truck in the company's garage overnight.

During the night, a fire at the garage destroyed the garage and Victors' truck.

Analyze the events that occurred in this case and make a decision about the outcome for both parties.