A principal told his agent to sell 3 acres of land in an orchard for $ 6 million, in return for a 1 percent of the sale proceeds as commission. The agent was aware that the price of the land was on the rise and it was well sought after by Singaporean investors, but he did not disclose it to the principal. The agent then told the principal he found a first buyer who was willing to buy for $ 6 million and sold the land. Several months later, the principal discovered that the same piece of land fetched a higher price and it was sold for $ 8 million by another buyer. Upon investigation, the principal discovered that the agent and the first buyer were actually friends. He also came to realize that both the first buyer and the agent shared the profits from the sale. Advise the principal on his rights. Support your answer with reference to the relevant statutory provision and case laws.