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Business and corporation law

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Business and corporation law

Q:  A shipbuilder had contracted to build a tanker for North Ocean Tankers. The contract was in US dollars and didn't contain any provisions for currency fluctuations. Approximately halfway through construction of the ship, the United States devalued its currency by 10 per cent. As the shipbuilder stood to make a loss on the contract, it demanded that an extra US$3 million be paid or it would stop work. The buyer reluctantly agreed under protest to pay, as he already had a charter for the tanker and it was essential that it be delivered on time. The buyer didn't commence action to recover the excess payment until some nine months after delivery. Will the buyer succeed in recovering the excess?

I need the answer of this question in I R A C (issue-rule-analysis-conclusion) pattern in more than 1000 words and reference should be in Harvard style. Please help me to solve this question.

Reference no: EM131177866

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