T.O. Stanley Boot Company v. Bank of El Paso

In T.O. Stanley Boot Company v. Bank of El Paso, 847 S.W.2d 218 (Tex. 1992), the appellants asserted a breach of contract claim against the Bank of El Paso, contending that they had a valid contract with the bank in which the bank agreed to make available to them a $ 500,000 line of credit but failed to do so. 847 S.W.2d at 221. The supreme court held that the alleged contract failed for indefiniteness because no evidence was introduced regarding the interest rate for the loan or the repayment terms. Id. at 222. The only evidence was the amount that the bank allegedly agreed to loan. Id. at 221. In that context--where the allegation concerned an agreement to loan money in the future--evidence of the repayment terms and interest rate was necessary for the court to understand what the bank allegedly agreed to undertake, and the court was unwilling to supply terms to enforce the agreement. Id. at 222.