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g Patrick hires Alicia as an agent to sell a piece of property he owns. The price is to be at least $30,000. Alicia discovers that because a shopping mall is planned for the area where Patrick's property is located, the fair market value of the property will be at least $46,000 and could be higher. Alicia forms a real estate partnership with her cousin Karl, and she prepares for Patrick's signature a contract for sale of the property to Karl for $31,850. Patrick signs the contract. Just before closing and passage of title, Patrick learns about the shopping mall and the increased fair market value of his property. Patrick refuses to deed the property to Karl. Karl claims that Alicia, as agent, solicited a price above that agreed on when the agency was created and that the contract is therefore binding and enforceable. Discuss fully whether Patrick is bound to this contract.

Sagot :

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Patrick is not bound to this contract.

Since Alicia is not been sincere with Patrick about the price of the building because the contract agreement was breached by her which means that Patrick will not in any way be  bound to this contract.

Alicia was to supposed to inform Patrick about any new things that arise concerning the building because the  building was own by Patrick.

Hence Alicia cannot be trusted because she is not faithful to Patrick based on the fact that  she  did not put her principal who is Patrick interest first which inturns means that she has violated the rule of fiduciary duty.

Inconclusion Patrick is not bound to this contract.

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