The borrower claims that a brokerage firm promised to make him a margin loan on his stock in his company if he would let the brokerage firm be the lead underwriter on an IPO for the borrower's company. after the IPO was completed, the brokerage firm refused to make the margin loan. the brokerage...
if a lender fraudulently makes a promise to make a loan never intending to make the loan on the terms promised to induce the borrower to take action that is otherwise favorable to the lender, can the lender use the statute of frauds as a defense to the claim of the potential borrower???