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.
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