Gross v. Parrott

Citations

• 16 Cal. 143
• 1860 Cal. LEXIS 190

Syllabus

<p>February 26th, 1855, Page, Bacon & Go. were indebted to plaintiff, and the debt was due. That firm being then unable to pay, an agreement was made between them and plaintiff, dated on that day, by which an extension was to be given the firm of two, four, six and eight months from date—the debt to be paid in equal installments. In consideration of this extension, defendant and others signed and delivered to plaintiff, an instrument dated February 26th, 1855, guaranteeing the payment by P., B. & Co. of such indebtedness in the installments, and at the different times, in said agreement and certificate set forth, conditioned to be void when said certificates were fully paid. In fact, said agreement did not mention certificates. March 13th, 1856, P., B. & Co. issued to plaintiff certificates for his indebtedness in installments, at two, four, six and eight months from that date: Held, that defendant is not liable on his guaranty, which was to pay at the times mentioned in the agreement; that plaintiff, having taken certificates, dated March 13th, 1856, thereby extended the time of payment, and released defendant, who was a mere surety.</p> <p>Plaintiff is not entitled to relief on the ground of mistake, which was of law, and not of fact.</p>