Contracts
In Connecticut, which of the following is an example of a 'unilateral contract'?
AA purchase and sale agreement
BAn open listing agreement where the seller promises a commission only to the broker who produces a buyer✓ Correct
CA buyer's agency agreement
DA lease agreement
Explanation
An open listing is a unilateral contract—the seller promises to pay a commission only to the broker who produces a ready, willing, and able buyer. No broker is obligated to act, but the seller is bound to pay if the condition is met.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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