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Bentham hires Roberta to sell Bentham’s land. Before the land is sold, Roberta discovers that there is a rich vein of silver in a hill on the property. Can Roberta consider the agency terminated?
Expert Answer
The listing agreement or agency contract can be terminated by agent or principal in different conditions. These conditions include: –
- when the principle has not suffered any loss, the agent may revoke the agreement.
- in case of bankruptcy, death, or insanity of agent or principal.
- Change of business condition
- loss or destruction of property
- change of status of wither the principal or agent.
- changes in law.
- war.
Under the changes in business conditions, if there are major changes that occurs to the property in terms of its value so the listing agreement can be terminated by the agent or the principal.
In this scenario, the value of the property increased as Roberta discovered a rich vein of silver in a hill on the property, so there is a drastic change to the property in terms of its value, so Roberta can consider the agency terminated.
