Full question:
I purchased a condo from a Realtor who had that condo under contract only to turn around and sell the condo for more. She only offered me 2 of 50 condos that were for sale. I closed on it and I dislike it greatly. I paid too much for it. Is what she did illegal? Can I prove what the Realtor did was only for her personal gain and how can I prove that she steered me into 916?
- Category: Contracts
- Subcategory: Recission
- Date:
- State: Colorado
Answer:
Regrets about a price paid alone is insufficient to rescind an agreement. As long as a contract for sale is freely entered into, without duress or fraud, and the parties have the capacity to contract (such as not having a mental disability), a seller may generally seek the highest price
possible.
Courts have held that a party may rescind a contract for fraud, incapacity, duress, undue influence, material breach in performance of a promise, or mistake, among other grounds. In order to prove a fraud claim, it must be shown that the defendant had an intent to deceive. If deception was used to induce another to rely on a promise and such reliance caused harm, it is possible to recover damages. Fraud may be made by an omission or purposeful failure to state material facts, which nondisclosure makes other statements misleading.
To prove a material breach of contract that relieves a party of the obligation to perform their end of the bargain, it must be shown that the breach was significant enough to cause the transaction that was bargained for to no longer have value. It will be a matter of subjective determination for the court based on all the facts and circumstances involved, to determine if there has been a material breach of the contract or fraud. If a breach or fraud is found, it is possible that the contract may be rescinded and/or damages may be recovered.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
