Where a later contractual letter specifies a fixed term for performance, it supersedes an earlier letter's termination-on-notice provision where circumstances have significantly changed in the interim. Damages in lieu of specific performance are assessed on the same basis as common law damages for breach — the net profit the plaintiff would have made from performance, discounted for vicissitudes and present value. An 18% discount for vicissitudes was applied where the contract was subject to numerous contingencies including third-party licences, community opposition, and the plaintiff's track record of disputes.
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