What is the effect of counsel suggesting that where a debtor gives his creditor a promissory note the terms of the contract must be found in the note itself?
Alberta, Canada
The following excerpt is from Toronto-Dominion Bank v. Propp Excavating Ltd., 1985 CanLII 1349 (AB QB):
If counsel is suggesting that where a debtor gives his creditor a promissory note the terms of the contract must be found in the note itself (i.e., that parol evidence is not admissible to show what the terms of the contract between the parties is) the proposition is novel, if not startling. The remark of Maule, J., in Whitaker v. Wisbey, 138 E.R. 817, is brought to mind: "The last point is perfectly new, and it is so startling that I do not apprehend it will ever become old".
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