(Download) "Mckay & Co. v. Garland" by Court of Appeals of Arkansas # eBook PDF Kindle ePub Free
eBook details
- Title: Mckay & Co. v. Garland
- Author : Court of Appeals of Arkansas
- Release Date : January 08, 1986
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 53 KB
Description
The central issue on appeal is whether the chancellor erred in failing to find that the appellees breached the implied covenant of good faith arising out of their exclusive listing agreement with the appellant realty company. We reverse the chancellor's decision, and hold that the appellees acted in bad faith by selling their residence to a purchaser procured by the appellant. The appellees hired a contractor, G. Pat Murtha, to build their new home for the sum of $127,935.00. As an incentive, the builder agreed to purchase the home then owned by the appellees and to give them a $113,000.00 credit towards the purchase price of the new house. The builder and the appellees also agreed that, until the new home was completed, the appellees were free to attempt to sell their home at a price in excess of $113,000.00. The appellees then entered into an exclusive listing contract with the appellant, giving the appellant the right to sell the old house for a gross sales price of $127,000.00. The exclusive listing agreement provided that it would expire at the end of sixty (60) days, but the contract provided that the appellant would be entitled to a commission if, within six (6) months after the expiration date, the house was sold as a result of information provided by the appellant during the listing period.