Boitano sues the bank for breach of contract

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Reference no: EM132176032

Andrew Jackson, vice president of Manhattan Bank meets with Brian Boitano on May 15, 2014. Jackson and Boitano sign an agreement on that day. The terms of the agreement are that Boitano will do all of his personal and corporate banking with Manhattan Bank exclusively and the bank in return will give Boitano loans at the preferred interest rate of 2.5 percent per annum for an unspecified period of time. Boitano will also have 10 years to repay the loans. For the next two years, the bank makes several loans to Boitano at the 2.5 percent interest rate. Andrew Jackson then retires on June 1, 2017. One month later, Manhattan Bank notifies Boitano that general economic conditions have made it necessary for the bank to charge all of its customers a higher interest rate on all outstanding and new loans. The new interest rate will be 7.5 percent. Boitano sues the bank for breach of contract. Does Boitano have a case? Please explain.

Reference no: EM132176032

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