Bogart owed debts to Security Bank and Trust Co. pursuant to certain promissory notes that he signed in the previous 3 years reflecting loans in the amounts on $20,000.00, $15,000.00 and $5,000.00/ he applied to the bank for a loan to pay the debts. The banks employee stated that he would take the application for a loan to the loan committee and “within 2 or 3 days, we ought to have something here, ready for you to go with”. In reliance on these statements Bogart did not start to repay his debts. However, the loan was not made. The bank sued Bogart under Promissory notes. He filed a counterclaim on the theory that the bank had broken its contract to make a loan to him and that promissory estoppel prevented the bank from going back on what the employee had said. Can he prevail? Why or why not?
Contract Law: Contract Case Needs Explanation
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