FELIBAT COLD STORE LTD vs. STANBIC BANK GHANA LTD

S. K. A. ASIEDU, JA. On the 30th November 2010, the Plaintiff/Respondent/Appellant, hereinafter referred to as the Plaintiff, who was then indebted to the Defendant/Appellant/Respondent (hereinafter referred to as the Defendant), wrote exhibit C herein to the Defendant. In the said exhibit, the Plaintiff acknowledged its total indebtedness to the Defendant in the sum of GH₵481,922.78. The Plaintiff then proposed to the Defendant in exhibit C that first, “all the 3 facilities be consolidated and treated as a term loan for 12 months duration; second, that the total outstanding balance as at 21st May of GH₵481,922.78 (interest inclusive) be maintained as GH₵450,000.00 (waiving off GH₵31,922.78); thirdly, that the re-scheduled term loan of GH₵450,000.00 shall attract no interest thereon; fourthly, that the re-scheduled loan will be paid in 12 equal instalments for a period of 12 months; and finally, that post-dated cheques of GH₵37,500.00 each totaling GH₵450,000.00 are a...