1. The Plaintiff is a stock broking company and as such brought a cause of action against the First-named Defendant upon a written agreement entered into between the First-named Plaintiff on the one part and the First-named Defendant on the other part, wherein for the consideration stated therein; agreed to open a margin trading account for and in the name of the First-named Defendant for the purposes of buying and selling of shares.

2. As at 2nd July 1998, a sum of RM1,497,434.50 sen was due and owing from the First-named Defendant. By a letter dated 2nd July 1998, the First-named Defendant offered to settle the outstanding sum on the terms and conditions:-

(a) RM500,000.00 by way of cheque No. FEB 069452 and dated 20th May 1998 (hereinafter called the said cheque);

(b) twelve(12) monthly installments of RM35,000.00 each by way of post-dated cheques; and

(c) transferring of land be