Under Ohio law, seller Watson wants to terminate an exclusive right-to-sell listing agreement with Broker Henderson before the expiration date. Watson is unhappy with the marketing efforts. What are Watson's options?
Correct Answer
C) Watson may request cancellation, but Broker Henderson may be entitled to compensation for expenses incurred or may hold Watson to the contract terms
Under Ohio law, a listing agreement is a binding contract. While sellers may request early termination, the broker may be entitled to reimbursement for marketing expenses incurred or may enforce the contract terms depending on the agreement's provisions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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