ContractsTypes_of_contractsEASY
An open-listing agreement states that the broker earns a commission only if the broker actually produces a buyer. This means the broker is not bound to perform unless the broker chooses to find a buyer. What type of contract is this?
Correct Answer
C) Unilateral contract
A unilateral contract involves one party's promise in exchange for the other party's performance. The seller promises to pay if the broker performs by producing a buyer.
Answer Options
A
Bilateral contractB
Executed contractC
Unilateral contractD
Void contractWhy This Is the Correct Answer
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Background Knowledge for Contracts
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Real World Application in Contracts
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Related Topics & Key Terms
Key Terms:
types_of_contractscontractsunilateralopen_listing
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