Question: Mr. Jones signed a listing agreement with broker Brown stating that he would pay 5% commission to Brown upon the sale of his house. Broker Brown promised to use diligence in attempting to find a buyer. This contract is:

Written by Posted On Thursday, 30 January 2020 05:00

(A) Unilateral executory
(B) Bilateral executory
(C) Unilateral executed
(D) Bilateral executed

 

Answer:  (B)  Where there is an exchange of promises you have a bilateral contract. Since a listing is for a period of time, the contract is executory during the listing term.

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