Reference no: EM136137
Consider the following scenario-
On July 15th, Mr. Jones talks to the president of ABC Corp about the probability of selling a property owned by ABC. Mr. Jones tells ABC that he is an experienced realtor as well as will be able to sell the property within a short period of time. The president of ABC states: "That sounds good. Let's meet next week also iron out the details."
On July 22nd, Mr. Jones attitudes the president of ABC with a proposal from XYZ Corp to purchase the property for $450,000. Unbeknownst to the president of ABC, the offer likewise includes a provision indicating that, if the property contains asbestos, the proposal will be reduced by $50,000. The president of ABC tells Mr. Jones to sign the contract also sell the property to XYZ. Mr. Jones signs the contract and gives a copy to ABC. The contract contains the provision regarding a price reduction if asbestos is found on the property.
During inspection, asbestos is found on the property. The inspection report notes the presence of asbestos on the property. A replica of this report is sent to ABC corp. In the interim, XYZ appoints an asbestos removal company to evaluate the cost of removing the asbestos. This evaluation cost XYZ $17,000.
On August 22nd the presidents of ABC as well as XYZ attend the closing on the property. As he is about to sign the closing documents, the president of ABC notices the asbestos provision as well as refuses to sell the property.
XYZ sues ABC in district court for breach of contract. XYZ is seeking exact enforcement of the agreement and costs. XYZ claims that ABC is bound by the actions of its agent, Mr. Jones. ABC contends that Mr. Jones wasn't an agent of ABC. ABC states that it not ever ratified the actions of Mr. Jones, because it wasn't aware of all material facts.
Explain the facts, issues, decision and reason for this case.
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