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Salt Lick Partnership Case Study

534 Words3 Pages

The first step is to establish the terms of the agreement signed by the people who sold their houses to Salt Lick Partnership. It is apparent that none of the sellers contacted a lawyer during the sale of their properties, and this reveals that they were quite vulnerable to terms that did not favor their position. However, it is lawful for sellers to sign property sale agreements without having to contact a lawyer, as long as the buyer provides all the legal information and follows due process in purchasing the property. The main reason for looking into the documents involved in the transaction is to look at loopholes that might render the entire deal illegal. If the purchasing lawyer had tailored the agreement in a manner that leaves the sellers vulnerable and illegally placed at a disadvantage, it will be possible to file a case that will reverse the terms or compel Salt Lick Partnership to offer better terms. Innocent misinterpretation of information from both parties would eliminate the liability to offer …show more content…

If he provided information without concealing some of the potential factors associated with the value of the property, he would have knowingly deceived the sellers. This would translate to fraud, especially because the company associated with the purchase belongs to him and the associated lawyer. Initially, Bob lied to the sellers that he would be looking for a property company to purchase the property. This implies that the sellers did not have any idea that the broker was responsible for purchasing the property, as well as representing his company as a broker. While it is legal for a property broker to represent himself, it is necessary for the other party to have the information that the broker is actually the buyer. This would prompt the seller to find legal representation to ensure that there are no fraudulent terms associated with the

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