GRANT, Justice.
On November 1, 1969, plaintiffs, Lumir T. and Dorothy E. Kotas, entered into a written agreement with George M. Sorensen. The Kotases gave Sorensen $5000, which Sorensen agreed to repay within 60 days after written demand. Sorensen also agreed to pay 4 percent interest per quarter on the borrowed sum. The legal interest rate at the time was 9 percent per annum.
On February 1, 1974, Sorensen wrote to Mr. Kotas as follows: "As you remember on...
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