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19-2. Duty of Loyalty. P'eter hires Alice as an agent to sell a picue of property he owns. The price is to be at least $30,000. Alice discovers that the fair market value of Peter's property is actually at least $45.000 and could he higher bocause a shopping mall is going to be builk nearby. Alice forms a real estate partnership with her cousin Carl. Then she prepares for Peterk signature a contract for the sale of the properry to Carl for $32,000. Peter signs the contract. Just before clos- ing and passage of title, Perer learns about the shopping mall and the increased fair aurket value of his property. Peter refuses to deed the property to Carl. Carl claims that Alice, as Peter's agent, solicited a price above that agreed on when the agency was Crcated and that che contract is therefore bind- ing and enforceable. Discuss fully whether Peter is bound to this contract. (See Duties, Righta, and Remedies of Agents and Principals.)

19-2. Duty of Loyalty. P'eter hires Alice as an agent to sell a picue of property he owns. The price is to be at least $30,000. Alice discovers that the fair market value of Peter's property is actually at least $45.000 and could he higher bocause a shopping mall is going to be builk nearby. Alice forms a real estate partnership with her cousin Carl. Then she prepares for Peterk signature a contract for the sale of the properry to Carl for $32,000. Peter signs the contract. Just before clos- ing and passage of title, Perer learns about the shopping mall and the increased fair aurket value of his property. Peter refuses to deed the property to Carl. Carl claims that Alice, as Peter's agent, solicited a price above that agreed on when the agency was Crcated and that che contract is therefore bind- ing and enforceable. Discuss fully whether Peter is bound to this contract. (See Duties, Righta, and Remedies of Agents and Principals.)

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
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19-2. Duty of Loyalty. Peter hites Alice as an agent to sell a picce of property he owns. The price is to be at least $30,000. Alice discovers that the fair market value of Peter's property is actually at least $45.000 and could he higher because a shopping mall is going to be built nearby. Alice forms a real estate partnership with her cousin Carl. Then she prepares for Peter's signature a contract for the sale of the property ro Carl for $32,000. Peter signs the contract. Just before clos- ing and passage of title, Perer learns about the shopping mall and the increased fair aarket value of his property. Peter refuses to deed the property to Carl. Carl claims that Alice, as Peter's agent, solicited a price above that agreed on when agency was crcated and that the contract is therefore bind- ing and enforceable. Discuss fully whether Peter is bound to this contract. (See: Duties, Righs, and Remedies of Agents and Principals.) the
Transcribed Image Text:19-2. Duty of Loyalty. Peter hites Alice as an agent to sell a picce of property he owns. The price is to be at least $30,000. Alice discovers that the fair market value of Peter's property is actually at least $45.000 and could he higher because a shopping mall is going to be built nearby. Alice forms a real estate partnership with her cousin Carl. Then she prepares for Peter's signature a contract for the sale of the property ro Carl for $32,000. Peter signs the contract. Just before clos- ing and passage of title, Perer learns about the shopping mall and the increased fair aarket value of his property. Peter refuses to deed the property to Carl. Carl claims that Alice, as Peter's agent, solicited a price above that agreed on when agency was crcated and that the contract is therefore bind- ing and enforceable. Discuss fully whether Peter is bound to this contract. (See: Duties, Righs, and Remedies of Agents and Principals.) the
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