g Patrick hires Alicia as an agent to sell a piece of property he owns. The price is to be at least $30,000. Alicia discovers that because a shopping mall is planned for the area where Patrick's property is located, the fair market value of the property will be at least $46,000 and could be higher. Alicia forms a real estate partnership with her cousin Karl, and she prepares for Patrick's signature a contract for sale of the property to Karl for $31,850. Patrick signs the contract. Just before closing and passage of title, Patrick learns about the shopping mall and the increased fair market value of his property. Patrick refuses to deed the property to Karl. Karl claims that Alicia, as agent, solicited a price above that agreed on when the agency was created and that the contract is therefore binding and enforceable. Discuss fully whether Patrick is bound to this contract.
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