Question: PLEASE EXPLAIN THIS! I don't understand the bolded part at all! Paul owns a Bar & Grill on a heavily trafficked down town street. Paul
PLEASE EXPLAIN THIS! I don't understand the bolded part at all!
Paul owns a Bar & Grill on a heavily trafficked down town street. Paul wants to expand his restaurant to include room for pool tables and dart boards. The adjacent property, owned by Quinn, is about to come up for sale. Paul wants to purchase Quinn's property. However, Paul and Quinn do not get along and Quinn would NEVER sell to Paul. Paul decides to enlist the help of Adam to purchase Quinn's property. Paul gives Adam express instructions not to tell Quinn he is purchasing the property for Paul. Identify the parties to the agency agreement and what role each serves in said arrangement.
Adam negotiates a fair price for Quinn's property. However, Paul is unable to come up with the down payment for the property and must cancel the plans of buying Quinn's property. Explain how each party would be liable to the other parties in the transaction. Be sure to identify the type of agency at issue in this situation.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
