Real Estate Commision
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Parker, the owner of certain unimproved real estate in Chicago, employed Adams, a real estate agent, to sell the property for a price of $25,000 or more and agreed to pay Adams a commission of 6& for making a sale. Adams negotiated with TUrner, who was interested in the property and willing to pay as much as $28,000 for it. Adams made an agreement with Turner that if Adams could obtain Parker's signature to a contract to sell the property to TUrner for $25,000, Turner would pay Adams $1,000. Adams prepared and Parker and Turner signed a contract for the sale of the property to TUrner for $25,000. Turner refuses to pay Adams the $1,000 as promised. Parker refuses to pay Adams 6% commission. In an action by Adams against Parker and Turner, what is the judgement?
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Solution Summary
The expert determines how owners of certain unimproved real estate in Chicago are determined. The judgements are determined.
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This scenario involves agency law. Agency is a relationship in which one person is authorized to represent and act for another person. An agent is a person authorized to act on behalf of another person, who is called the principal. In this relationship, both the principal and the agent have responsibilities to each other. The company is required to permit the agent to act in accordance with the terms of the agent's employment contract, and the company must recognize all the provisions of that contract. In addition, the company must pay the agent the compensation agreed upon in the contract, must reimburse the agent for proper expenditures made on behalf of the principal, and must indemnify the agent for any losses or damages suffered without fault ...
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