The metalworking factory applied to the bank for a loan for the purchase of a batch of machine tools abroad. The contract has been signed. In accordance with the terms of the contract, the first part of the loan should have been received by the borrower on January 20. However, on January 15, the borrower notified the bank that, due to the refusal of a foreign supplier to sell their equipment against the guarantees of Russian banks, the contract for the supply of machine tools was not signed, and therefore the need for a loan was no longer required. The bank objected to the termination of the loan agreement, referring to the fact that as a result of the actions of the borrower it would not receive the income planned from this transaction. In addition, the loan agreement stipulated that a notice of refusal of a loan should be made no later than seven days prior to the transfer of funds to the borrower´s account.
What is the nature of the loan agreement? What decision can be made on this dispute?
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