Kerry is interested in selling her convenience store for approximately $250,000 to $300,000. As Kerry is unfamiliar

Question:

Kerry is interested in selling her convenience store for approximately $250,000 to $300,000. As Kerry is unfamiliar with the commercial real estate market in Red Deer, she engages a real estate agent, Patrick. The engagement is a standard form listing agreement. Patrick shows the building to a young couple, Paul and Rick, who seem to be quite interested. In fact, they make an offer in writing to purchase the building for $250,000. They also indicate that they need a reply immediately. Patrick calls Kerry but is unable to reach her. Patrick is in a quandary, but knowing that Paul and Rick's offer is in Kerry's range, albeit at the bottom, Patrick accepts the offer on Kerry's behalf (he signs the written offer). Upon learning of Patrick's actions, Kerry is quite upset and wonders whether she must sell the building to Paul and Rick. Advise Kerry.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Canadian Business & the Law

ISBN: 978-0176501624

4th edition

Authors: Dorothy DuPlessis, Shannnon o'Byrne, Steven Enman, Sally Gunz

Question Posted: