Report Banking And The Legal System in House prices and the economy Posted May 18, 2014 My point is that the contract is unenforceable if the entity claiming a loss cannot prove a loss has occurred- so the issue is not caveat emptor because it is the bank not me who has problem. What the bank would need to provide is evidence that the money they claim to have lent to me existed in the first place- but this they cannot do because in reality it did not exist-it was created from thin air by simply typing numbers into my account. So how can the bank claim I owe them money when they never possessed that money in the first place? Sorry this is rubbish. The bank writing a credit in your account in your account is valid consideration because it is a promise to pay. If you never draw against the account then the bank cannot say they have suffered a loss. However, if you do - then they do because they have to draw down their own current account for you benefit.