Eng v. Sit
The trial judge permissibly accepted counsel's abandonment of penalty and costs claims, and correctly interpreted the loan agreement as providing for simple, not compound, interest based on the contract language, the surrounding circumstances (including that the plaintiff drafted the agreement), and analogous authorities; issues of promissory estoppel and collateral agreement were not pleaded or developed at trial and thus were not appropriately raised on cross-appeal.
Source excerpt
- Loan agreement interpretation
- Simple versus compound interest
- Penalty clause
- Guarantee of debt
- Promissory estoppel
- Collateral agreement