Reference no: EM13768495
A bank advertises home loans at low interest rates for its account holders for three months. Toward the end of the second month, the bank withdraws the offer. Sam opens an account with the bank because of the offer. He is, however, a little late applying for the loan and the offer is withdrawn before his application is processed. Sam sues the bank.
Analyze the case and assess the bank's obligation and Sam's claim. Make a decision in the case, giving reasons.
Provide a one page analysis of at least 500 words.
Just try to make it specific as much as u can with good logic.
No... A bank will always reserve the right to withdraw any offers and terms at any time.
And while he may have been able to apply for a loan under those favorable terms.... that doesn't mean he will be automatically approved for the loan just because he owns a bank account and applied within the time frame this deal was offered. The bank will simply turn around and tell him that his application was denied due to other factors. (credit rating, etc.). They are not obligated to give him a loan and could have refused the deal for more reasons than Sam can think off.
He has no grounds to a law suit because he can't prove that his application would have been approved to begin withThe solution is a situational note on why the bank can be liable for posting misleading and deceitful duration of its advertisement on home loan facility.
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