Write an essay describing how you would advice a business with cash flow problems that wishes to break several unprofitable contacts with its suppliers and customers, to defend against several lawsuits brought against it for non-payment and to retain employees who have not received a raise in several years. Discuss potential contract defences including impossibility, duress, accord and satisfaction, fraud, lack of performance, lack of consideration, equitable defences, statue of frauds and statue of limitations. Assume that some of the contracts are oral, some were breached more than ten years ago, some cannot be performed in less than a year, some of the goods were defective, some of the representations about quality were exaggerated and the company has excess inventory. Bankruptcy is not an option.
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