McLennan v. Investment Exchange Co.
Missouri Court of Appeals
2. r-: -: Caveat Emptor. Under the rule of caveat emptor which recognizes the parties to a sale as business antagonists at arm’s length, the purchaser has a right to buy at as low a price as his skill will secure and the vendor has the corresponding right to sell at the best price he can obtain. Neither has a right to the other’s best price, and therefore the representations of either that he has made his best offer cannot be said to be a representation of a material fact.
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2. r-: -: Caveat Emptor. Under the rule of caveat emptor which recognizes the parties to a sale as business antagonists at arm’s length, the purchaser has a right to buy at as low a price as his skill will secure and the vendor has the corresponding right to sell at the best price he can obtain. Neither has a right to the other’s best price, and therefore the representations of either that he has made his best offer cannot be said to be a representation of a material fact. Appeal from Lafayette Circuit Court. — Ron. Samuel Davis, Judge. (1) Where the purchaser of property from a broker was…
1Opinion of the Court
JOHNSON, J. —
Plaintiff sued to recover damages for fraud and deceit practiced by defendants in the sale of a farm. At the conclusion of the evidence the jury in obedience to a peremptory instruction returned a verdict for defendants. Plaintiff appealed and contends that his evidence discloses he has a good cause of action.
Defendants Heimbrook, Hoefer and Layne were the managing officers of the Investment Exchange Company, a corporation engaged in the business of real estate broker in Higginsville. August Elebracht employed the company to sell a farm of 153 acres he owned in Lafayette county…
2Cases cited2 opinions
- Hokanson v. OatmanMichigan Supreme Court · 1911
- Thompson v. NewellMissouri Court of Appeals · 1906
3Cited by7 opinions
- Theis v. LutherCourt of Appeals for the Eighth Circuit · 1945
- Collins v. Philadelphia Oil Co.West Virginia Supreme Court · 1924
- Huttig v. NessySupreme Court of Florida · 1930
- R. Harris & Co. v. WellerDistrict Court, District of Columbia · 1922
- Sanders v. StevensArizona Supreme Court · 1922
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