Adler v. Friedman

Citations

• 16 Cal. 138
• 1860 Cal. LEXIS 188

Syllabus

<p>Where a note on its face draws two and a half per cent, per month interest, parol evidence is inadmissible to prove that from a certain time the interest had been reduced by a verbal agreement between the parties, to one and a half per cent, per month. Interest beyond the statutory rate cannot be established by paro!.</p> <p>Parol evidence is admissible to establish a new and distinct agreement, upon a new consideration, which is to be a substitute for the old written agreement; but it must appear that the old agreement is abandoned, and it is not competent to show, by parol, the incorporation of new terms and conditions, and the new agreement must be valid in itself, and such as may be the basis of an action.</p>