Riley v. Powell
Texas Court of Appeals
665 S.W.2d 578 (1984)
- Written by Rich Walter, JD
Facts
Dale Riley (plaintiff) sued Sylvia Powell (defendant) for specific performance on a contract for the sale of Powell’s apartment building. Trial evidence established that Riley had agreed to broker the sale for Powell. One potential buyer offered Riley $700,000 for the building. Riley never disclosed that bid to Powell. Instead, Riley offered and Powell accepted a contract under which Riley himself would buy the building for $420,000, to be financed in part by Riley’s promissory note for $125,000. Riley himself drafted the note. Powell broke off the sale when she saw that, although the sale contract did not authorize Riley to do so, Riley had written into the note a disclaimer of personal liability for repayment, leaving foreclosure as Powell’s only recourse in case of default. At the close of trial evidence, the court granted Powell’s motion for an instructed verdict and entered a take-nothing judgment for Powell. Riley appealed to the Texas Court of Appeals.
Rule of Law
Issue
Holding and Reasoning (Jordan, J.)
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