This is a memorandum. Can you check my answer both grammar and context. I will only upload the body part of the memorandum.

Kevin borrowed $100,000 from Ethan Sanders on March 1st 2016 in order to expend his business. Kevin signed a promissory note that he will pay back by September 1st, 2016. However, before the promissory matures, Sanders suggested a new offer. The new offer is that if Kevin pays back $50,000 by April 1st, 2016, Sanders will accept it as full payment. Then, Kevin asked for a signed contract for the new offer to make it sure but Sanders denied. You are wondering that Mr. Sander’s promise is binding or not and the promise will bring out a problem.

The debtor needs to get a signed writing that says creditor will discharge the amount of the debt by receiving some particular amount. If not, debtor still have a duty to pay the remaining. Firstly, in order to make the promise bind in your situation, you have to get a signed writing about the new offer. The oral promise itself cannot terminate the original promissory note. Secondly, if you don’t have a signed writing for the new offer, you will be responsible for the remaining due.

The new offer seems a great opportunity and you should not miss it. I, also, see you worry about the enforceability of the new offer. I would recommend you to demand friendly a signed writing from Mr. Sanders. Unless you receive a signed writing, Mr. Sanders can request the remaining debt.