Contracts
In Massachusetts, a 'unilateral contract' is exemplified by:
AA Purchase and Sale Agreement
BA listing agreement
CAn open listing where the seller promises to pay commission to whichever broker produces a buyer✓ Correct
DA buyer's agency agreement
Explanation
An open listing is a unilateral contract—the seller makes a promise (to pay commission) that becomes binding only if a broker performs the specified act (producing a buyer). Only one party makes a promise enforceable against them.
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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.
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.
Math Concepts
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