Law

Baldrick has inherited an extensive collection of antiques and plans to start an antique business. He has found a small shop which he would like to lease. Baldrick asks his father Bill to lend him $50,000 so that he might establish the business and take on the lease. Initially Bill thought this a good idea and agreed to lend him the money at 4 per cent below the current bank interest rates. On the strength of Bill’s loan Baldrick began lease negotiations and signed the lease. Bill has now changed his mind and Baldrick is concerned he might have to borrow from the local bank at the current commercial lending rate.
Explain the law to Baldrick and advise him what he could do.