Question

a seller places an ad on social media stating that the seller will pay $10,000 to the first licensed real estate broker who finds a buyer for the seller's condo that results in a closed sale. which type of contract is this?

Answer 1

A seller places an ad on social media stating that the seller will pay $10,000 to the first licensed realtor who finds a buyer for the seller's condo that results in a closed sale. This is a type of unilateral contract.

What is a unilateral contract?

Corresponds to a contract where there is a reward for a certain action, which is performed by only one of the parties involved in the contract, as for example in the statement, where the realtor who is interested in the seller's offer must carry out a closed sale to receive the $10,000 reward.

Therefore, in a unilateral contract, the agreement must be fulfilled after the performance of the contractor's action. If the offer is revoked, it must be duly expressed prior to the practice of the previously determined action. Some examples of the use of unilateral contracts are contests and performances.

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