Question:

A listing agreement in which a seller agrees to pay a broker a commission if they produce a “ready, willing, and able” buyer and agree to use due diligence in procuring a buyer is an example of a (n) `____`

A bilateral executory contract.

Explaination

Bilateral refers to a promise to perform made by one party in exchange for a promise to perform made by another party. Executory means the promised activities will be performed by both parties in the future.

A listing agreement in which a seller agrees to pay a broker a commission if they produce a “ready, willing, and able” buyer and agree to use due diligence in procuring a buyer is an example of a (n) ____

A listing agreement in which a seller agrees to pay a broker a commission if they produce a “ready, willing, and able” buyer and agree to use due diligence in procuring a buyer is an example of a (n) `____`