Lorraine and Mett have been friends for over 10 years. Last year Lorraine lent Mett $40,000 with very low interest and promised not to ask for repayment for 3 years. Unfortunately Lorraine has now fallen on hard times and needs the money back after the first year she loaned the money to Mett. She asked Mett for the money back, but Mett said that they have a binding agreement and he does not have to repay the money until the due date.

Referring ONLY to the Common Law of Contract advise whether Lorraine is entitled to recall on her loan agreement with Mett earlier. Use case references to support your arguments.