This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
In cases of material alteration, where the written contract is discharged, the question then arises as to whether recovery can be had on the original consideration for which the instrument was given. This depends on whether the alteration was made innocently or fraudulently. If it was made innocently, recoverv can be had on the original consideration.1 some cases, however, that even in cases of fraudulent material alterations the maker cannot avoid the note and at the same time retain the consideration received therefor. Thus a note given in consideration of a deed to realty was subsequently altered fraudulently. The maker could avoid the transaction but could not avoid the note and affirm the deed.2