Reference no: EM131274878
Julius and Olga Sylvester owned an unimproved piece of land near King of Prussia, Pennsylvania. They were approached by Beck, a real estate broker, who asked if they were willing to sell their land, stating that an oil company was interested in buying, renting, or leasing the property.
The Sylvesters said that they were only interested in selling, and they authorized Beck to sell the property for $16,000. Several weeks later, Beck phoned the Sylvesters and offered to buy the property for himself for $14,000. Olga asked, "What happened to the oil company?" and Beck responded, "They are not interested. You want too much money for it." The Sylvesters sold the property to Beck.
A month later, Beck sold the property to Epstein for $25,000. When the Sylvesters learned that Beck had realized a huge profit in a quick resale of the property, they sued Beck, claiming that he owed them the $9,000 profit. Does Beck owe the Sylvesters the money?
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