Instructions
Contracts play a significant role in real estate transactions. A contractual agreement in any aspect will set forth each party’s rights and obligations relative to the subject matter and transaction at hand. Contractual principles can also relate to the real estate professional’s ethical and professional duties as well as the legal professional’s ethical and professional duties.
Scenario
Anna’s mother recently passed away. Her mom lived out of state and had her own house in Arizona. Anna was referred to Sally Sellsmore, by a friend of the family, to assist her with the sale of her mom’s home. She signed a representation agreement with Sally.
A few weeks later, Sally contacted Anna. She informed her that she found a purchaser for the home; she did disclose that she was also the purchaser’s agent. The offer was well under the asking price. Sally indicated that it was currently a buyer’s market, and Anna might want to seriously consider the offer. Because Anna lives so far away, she agrees to the sale. She accepts the offer. The sale goes through.
A few days later, Anna later discovered through the friend that referred her to Sally that the purchaser was Sally’s brother-in-law. Anna is very upset with the circumstances. She sues both Sally and the brother-in-law.
Instructions
• Please identify and explain the general principles and elements of a contract. Do we have an enforceable contract?
The viewpoint and purpose of this memo should be clearly established and sustained. Assignment should follow the conventions of Standard English (correct grammar, punctuation, etc.). Your writing should be well ordered, logical and unified, as well as original and insightful. Your work should display superior content, organization, style, and mechanics. Use the appropriate citation style for all citations.