Drexel Burnham Lambert International N.V. v. Mohammed Schaker Salim Abou Al Nasr and Etablissement Aboze Nasr El Bassanti - Q.B.D. (Com.Ct.) (Staughton J.) - 1 October 1985

“Threat” by commodity broker to “close out” customer’s position - Whether to be construed as implied term of agreement - Whether capable of amounting to a promissory estoppel

The plaintiffs (“Drexels”), were a firm of commodity brokers trading in New York, London, Geneva and elsewhere. The defendants were an individual and a company both based in Lebanon. Pursuant to an agreement of 27 August 1982, Drexels dealt in gold and silver on the London market, gold on the Comex market in New York and Swiss Francs on the defendants’ behalf.