Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem in Agency Law # 3: Agency Duty on behalf of Principle Awan owned an unimproved piece of land near Desert City. He was approached

Problem in Agency Law # 3: Agency Duty on behalf of Principle Awan owned an unimproved piece of land near Desert City. He was approached by Aziz a real estate broker who asked him if he was willing to sell his land stating that an oil company was interested in buying, renting or leasing the land. Awan replied yes and that he was interested in buying, renting or leasing the land and then he authorized Aziz to sell the property for 16,000,000. Several weeks later Aziz phoned Awan and offered to buy the property himself for 14,000,000. Awan asked, what happened to the oil company? And Aziz responded they were not interested. You want too much money. For it. Awan then sold the property to Aziz for 14,000,000. A month later Aziz sold the land to Big Oil Company for 25,000,000. When Awan learned that Aziz had realized a huge profit in a quick resale of the property, he sued Aziz claiming that he was owed 11,000,000 profit. What do you think? Was there a breach of any duty? Explain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Deadly Audit A Buckeye Barrister Mystery

Authors: David M Selcer

1st Edition

0988194368, 978-0988194366

More Books

Students also viewed these Accounting questions