Transamerica Equipment Leasing Corporation, a Texas Corporation v. Union Bank, a California Corporation

CHAMBERS, Circuit Judge:

Pursuant to a contemplated three-party financing agreement, Transamerica sought to obtain a $600,000 loan from Union Bank to enable it to loan money to a corporation which had interests in some oil wells (Ancora Corporation). Transamerica alleges, and the bank denies, that a binding loan agreement was consummated. In this diversity action the- district court found for the bank on the grounds that an alleged oral agreement was barred by the statute of frauds and a purported written contract was only an offer because the terms of the alleged contract left essential…