Contracts
In Maine, which of the following is a unilateral contract?
AA purchase and sale agreement
BA buyer's representation agreement
CAn option contract✓ Correct
DA listing agreement
Explanation
An option contract is a unilateral contract because only the seller (optionor) is bound to perform. The buyer (optionee) has the right but not the obligation to purchase.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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