Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Seller gave Broker an open listing to sell his farm at $ 1 2 5 , 0 0 0 , commission to be 1 0
Seller gave Broker an open listing to sell his farm at $ commission to be Broker brought a Prospect who said he wanted to purchase but would not have the money unless he sold his apartment house in Orlando. Broker got the Seller to sign an agreement whereby the Prospect was given an option without consideration to purchase the farm for $ within the next days should the Prospect so desire. Ten days later, a Neighbor, who owned a farm next to the Seller, learned that Prospect was contemplating the purchase. Two days later, the Neighbor purchased the farm from the Seller at $ cash. Prospect sold his apartment house within the next days. Seller
A owes Broker a commission, since Seller breached the option.
B Owes Broker nothing, since there was no consideration for the option and Broker had nothing to do with the sale to the Neighbor.
C owes Broker a commission, since the Neighbor learned the property was for sale through Broker's Prospect.
D is liable to the Prospect for damages for breach of the option contract.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started