Contracts
Which of the following is an example of a unilateral contract in real estate?
AA purchase and sale agreement
BAn option contract✓ Correct
CA listing agreement
DA lease agreement
Explanation
An option contract is a unilateral contract because only one party (the seller/optionor) is bound. 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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