Apps

Dealings with Interest in Land

Agent owe a fiduciary duty to their principals and the duty of care to others.

Principal = the first to ask

Specific performance is a court order requiring a party in breach (or threatening to be in breach) of a binding contract to perform their obligations under the contract.
Injunction is an authoritative warning or order.
Rescission is the revocation, cancellation, or repeal of a law, order, or agreement.
Law of contract
- Agreement with an offer -> acceptance
- Enforceable by law
- Consideration = money worth, service rendered
Civil Law Act
- not in writing = not enforceable
Must bnot be illegal
4 essential elements
- Offer
- Acceptance
- Consideration
- Intention to create legal relations

1 Party bounded
- The seller
Offer + Acceptance = Agreement
Consideration: The “option money” usually 1%
Option usually 2 weeks expire
Exercise with 5% “the Deposit” (less option money) = accepted
Stakeholder clause
- Buyer is weaker
- So better for CVY to hold until completion
- If seller bankrupt, this deposit with stakeholder still claimable
Invitation to treat = offer to invite offers
Past Consideration is no Consideration
- Cannot perform service (buy/sold), then discuss reward (commission)
Letter Of Intent (but Subject To Contract)
- Optional
- Can straight to TA
4P = Parties, Property, Price and any other agreed Provisions
- Enforceable, even tho not OTP
Condition Precedent = condition that suspends the coming into effect of a contract unless or until a certain event takes place.
- Contract signed but not binding
Condition Subsequent = happening of a condition subsequent may invalidate a binding contract

Force Majeure
- to remove liability for unforeseeable and unavoidable catastrophes that interrupt the expected course of events eg. natural disasters, war

Concept of authority central to law of agency
Explicit marketing consent needed from seller to agent
Usually only agreement with seller
- Buyer can change requirements anytime, and take very long
Exclusive agreement difficult
- Big 4 easier – support
Sole agency MAX 3 months
- If owner has sole agent, buyer agent should ask for contact to the agent – being ethic
- Promise will present all offers, will co-broke
Some will refuse co-broke

Creation of agency

By Agreement
- Even by oral
Agency By Estoppel
- A legal principle that bars a party (principal) from denying a certain fact owing to that party’s previous conduct and/or actions.
- prevented from denying
  - Eg. Tenant can have the rights to the agreement as he was led to believe the agent is employed by the landlord
- The landlord, by estoppel, is “employing the agent” – Landlord must be careful with their action/oral
- Promissory Estoppel
  - Make a promise + reasonable reliance -> liable to damage
Necessity
Ratification
- Appointed agent A (non-exclusive), but later use agent B by signing OTP – by ratification B is appointed
- Legally OK, but morally not OK (a hijack)
- Created retrospectively