Opinion ID: 2219648
Heading Depth: 2
Heading Rank: 3

Heading: Sale Within Listing Agreement Term

Text: Weiss contends the actual sale of his business did not occur until the Forest Service approved the novation between Weiss and Zundel on August 27, 1993. The term sale may be given a narrow or broad meaning depending upon the circumstances and what the parties reasonably intended. Mattingly v. Bohn, 84 Ariz. 369, 329 P.2d 1095, 1096 (1958). The listing agreement expressly states: The term `sale' shall be deemed to include any exchange or trade to which I [Weiss] consent. Weiss and Zundel signed a sale agreement on July 7, 1992. Weiss made several promises in this document including his agreement to transfer, upon payment of the down payment, all right, title and interest in said property to Zundel. A down payment for $300,000, of the $700,000 purchase price, was made on the same date. [] The balance of the purchase price was to be paid in monthly installments beginning forthwith. These facts clearly show an exchange or trade was made between Weiss and Zundel constituting a sale as a matter of law. The trial court was correct in concluding a sale occurred within 360 days of the expiration date of the listing agreement.