AUSTRALIAN LAW QUESTION -

James had decided for some time that he wanted to purchase a motel. After looking at several different areas, he settled on the Wollongong area as the area offered him both the potential for a business and the lifestyle he was seeking. He rang a number of real estate agents, inquiring whether they had any motels listed for sale. He finally found a motel, located inland outside of the town, listed with an estate agent called Chris. Chris told James that once he got going in this business it would be a gold mine. James then sought his accountant's advice and then, after his accountant reviewed the sales information provided by the vendor of the motel, James proceeded to buy the business. Within six months of buying the motel James declared bankruptcy as there were neither the tourist numbers nor the local population to sustain the business.

Can James sue the estate agent for his statements about the business? Will he succeed? Explain your answer.