Douros Realty & Construction Co.had a lead on a "prime" piece of real estate.Although Douros did not have a listing agreement with the seller of the property,he contacted Kelley Properties.Douros knew that Kelley was looking for a location for a commercial development.Douros contacted Kelley stating only that he had the "finest,most outstanding,viable location in the county and it just came on the market." Douros said he would reveal the location of the property and the owner's name if Kelley would sign an agreement which would require Kelley to pay a 10% commission if a sale of the property resulted.The agreement was signed.Four months later,Kelley bought the property after negotiating the deal himself.Kelley claims he does not owe a commission to Douros because there was insufficient consideration to support the payment of commission so large.Kelley claims that all Douros did in the entire transaction was to reveal the location of the property and the owner's name.Was there sufficient consideration to make this promise enforceable?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q22: Jamie is building a house on her
Q27: Upon graduating from college,Kathy announced her plans
Q28: Under the Uniform Commercial Code,an agreement modifying
Q33: In January,Alex promised to pay Y-K Inc.$5,000
Q39: If Crosby and Dash are in disagreement
Q42: What two exceptions did the UCC create
Q43: Shirley Rhone suffered injuries when a truck
Q43: Discuss the concept of consideration.
Q44: Shelby hired Evan to drill a well
Q45: Frank's Furniture Company promised in a written
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents