Phillips v. Lynch

OPINION

Appellants Charles F. Phillips and Executive Realty, Inc., here challenge a jury verdict which granted the respondents, Frank W. Lynch and his wife Jacqueline, compensatory damages of $17,500 for breach of contract, and punitive damages of $125,000 for fraudulent violation of fiduciary duties. Respondents listed their home for sale with the appellants, licensed real estate brokers, agreeing to pay a 5 percent commission. Appellants “guaranteed” either to sell the home by November 1, 1979, at the best obtainable price over $125,000, or to purchase it from respondents for $125,000 if no…