A corporation hired a bidding agent to represent the corporation at an auction of land. The written agreement authorized the agent to bid on a property of interest for up to $250,000. At the auction, the land in which the corporation was interested was subject to fiercely competitive bidding. The agent won the auction at $500,000, instead of $250,000. The corporation refused to pay more than $250,000.

Against whom does the auctioning party have a cause of action?

Both the corporation and the bidding agent.

Only the corporation.

Only the bidding agent.

Neither the corporation nor the bidding agent.

Answer rating: 100% (QA)

The auctioning party most likely has a cause of action against only the bidding agent Heres why Agen... View the full answer