Can an agreement for good consideration to extend the time for payment of a principal and interest or both be enforced?
Saskatchewan, Canada
The following excerpt is from Gilroy v. Proe, 1908 CanLII 111 (SK QB):
An agreement for good consideration to extend the time for payment of an instalment of principal and interest or both can be enforced. Williams v. Stern (1880), 5 Q.B.D. 409: 49 L.J.Q.B. 663: 42 L.T. 719 (in appeal), but such agreement when verbal must be supported by evidence clear and convincing. The evidence adduced here on behalf of the defendant in support of his contention is not clear and convincing.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Does a subsequent purchaser of the legal estate have to pay the full consideration of the purchase, even after the purchase was completed, if the subsequent purchaser has paid the entire amount of consideration, even though the previous purchaser had a prior equitable interest in the property? (Saskatchewan, Canada)
Is a mortgagee who has made a loan on mortgage, but has not executed the mortgage deed, bound to give effect to a proviso that reduces the interest rate of interest on punctual payment? (Saskatchewan, Canada)
Is a declaration of intent to irrevocably designate a beneficiary in a settlement agreement enforceable? (Saskatchewan, Canada)
What is the test for enforceability of an agreement in which a client is required to attend the office of the solicitor acting for her husband? (Saskatchewan, Canada)
Does a vendor have the right to treat non-payment of the purchase price as abandonment of the agreement for sale? (Saskatchewan, Canada)
Is evidence of an oral agreement not admissible to alter the terms of a written agreement? (Saskatchewan, Canada)
Is a lease agreement enforceable to determine the ascertainment of the rent payable under a renewal lease? (Saskatchewan, Canada)
Is an interim agreement enforceable or unenforceable? (Saskatchewan, Canada)
What is the test for enforcing a creditor’s obligation to pay a debt in lieu of payment of the debt? (Saskatchewan, Canada)
Is a memorandum containing an agreement as to interest and date of possession sufficient to satisfy the Statutes of Frauds? (Saskatchewan, Canada)
