Sufficient consideration to make this promise enforceable

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Reference no: EM132198267

Robert owns Seattle Remodel, LLC (SR). SR had a lead on a lake view home that was undervalued by the owner, Sam. Although SR did not have a listing agreement with Sam, Robert contacted Lake View Properties. SR knew that Lake View was looking for a location for a commercial development. SR contacted Lake View stating only that he had a hot piece of property that just came on the market. Robert said he would reveal the location of the property and the owner's name if Lake View would sign an agreement which would require Lake View to pay a 20% commission to SR if a sale of the property resulted. The contract was signed. Six months later, Lake View bought the property after negotiating the deal without reporting back to Robert. Lake View claims they do not owe a commission to SR because there was insufficient consideration to support the payment of commission so large. Lake View claims that all SR did in the entire transaction was to reveal the location of the property and the owner's name. Is the contract valid? Was there sufficient consideration to make this promise enforceable? Please support your answers with at least one example.

Reference no: EM132198267

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