Green, a licensed real estate broker in Illinois, and Jones, also an Illinois resident, while both were
Question:
Green, a licensed real estate broker in Illinois, and Jones, also an Illinois resident, while both were in New York, signed a contract whereby Green agreed to endeavor to find a buyer for certain Illinois real estate owned by Jones, who agreed to pay Green a commission of $10,000 in the event of a sale. Green found a buyer, a resident of New York, to whom the land was sold. Thereafter, when Jones refused to pay the commission, Green commenced an action in Illinois to recover it. Jones defended on the sole ground that the brokerage contract was unenforceable because Green was not a licensed real estate broker in New York. Relevant provisions of the applicable New York statute forbid any person from holding himself out or acting temporarily as a real estate broker or salesman without first procuring a license. A violation is declared to be a misdemeanor, and the commission of a single prohibited act is a violation for which the statute provides a penalty. For whom should judgment be rendered?
BrokerA broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for...
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Essentials of Business Law and the Legal Environment
ISBN: 978-0324303957
9th edition
Authors: Richard A. Mann, Barry S. Roberts