First Energy v Hungarian Bank [1993] 2 Lloyds Rep 194
Judgement for the case First Energy v Hungarian Bank
Table Of Contents
X was a “Senior Manager” of a bank in Manchester, arranging finance for Defendant. Defendant knew that X had no actual authority to agree to such an agreement.
X sent Defendant a letter which was interpreted as offer of a loan which had been authorised by people more senior than him.
Claimant sought to repudiate contract.
Held
X had ostensible authority to communicate to Defendant that loan had been granted.
Thus contract was binding.
For Further Study on First Energy v Hungarian Bank
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