Is it permissible to abolish a business contract in order to lengthen the maturity date and to make a new contract?

I talked to one of my customers and decided on a certain maturity date and price for the goods I would sell him. He took the goods and brought me a check to be paid ten days later than the maturity date we agreed on, which was 30/11/2006. He said, "If we negotiate and agree on another price, our deal will be haram." Is it appropriate and permissible to annul the price contract even if the maturity date is moved forward one day?

Dear Brother / Sister,

The person who sells the goods can take the inflation difference from the customer if he wishes. Or, if both parties agree, they can annul the contract.  

The agreement can be abolished based on mutual consent (iqala). However, if one of the parties does not accept, the contract cannot be abolished.

When the contract is annulled based on mutual consent, majlis is regarded to have broken; so, a new contract can be made based on a new majlis and negotiation.

According to Hanafis, majlis is broken when the contract is annulled. According to Shafiis, it is necessary for those who made the contract to leave that place.

Hz. Prophet (pbuh) stated the following:

"If a person accepts the demand of a person who regrets his business deal, Allah will eliminate his trouble on the Day of Judgment." (Ibn Majah, Sunan, Translated by. H. Hatipoğlu, VI/181, 182).

"If a person accepts the demand of a Muslim who wants to annul his business deal, Allah will eliminate his trouble." (Abu Dawud, Buyu', 52; Ibn Majah, Tijarat, 26; Ahmad b. Hanbal, Musnad, II/252)

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