Turner v. Guy

Turner (plaintiff) hired real estate agent Guy (defendant) to sell three rental properties at an appraised value of about $17,500, but Guy instead offered to personally buy them for $16,000, ultimately completing that purchase; Turner later discovered a prior inheritance-tax appraisal valuing the properties at $25,000 and a fresh appraisal valuing them at $29,500, and when her attorney proposed unwinding the deal, Guy refused and threatened suit, prompting Turner to complete the sale before later suing in equity for rescission after Guy renovated and relisted the properties for $33,000. The trial court found Guy breached his fiduciary duty but dismissed the suit as barred by laches, since Guy had already invested time and money renovating in reliance on the completed sale; Turner appealed.