Mark Rogness

Topics: Contract, Broker, Promise Pages: 2 (393 words) Published: June 30, 2013
service. Such a transaction as this is an offer by the owner of a unilateral contract, an offered promise to pay by the owner, creating in the broker a power of accepting the offer by actual rendition of the requested services. The only contemplated contract between the owner and broker is a unilateral contract - a promise to pay a commission for services rendered. Such an offer of a promise to pay a commission for services rendered is revocable by the owner by notice before the broker has rendered any part of the requested service.

On the other hand, the transaction between the owner and the broker can be a bilateral contract. An owner who puts his land in the hands of a broker for sale usually clearly promises to pay a commission, but the broker rarely promises in return that he will produce a purchaser, although he often promises, expressly, or impliedly, that he will make certain efforts to do so. If the parties have thus made mutual promises, the transaction no longer has the status of an unaccepted offer - there is an existing bilateral contract and neither party has a power of revocation. During the term of such a contract the owner may withdraw any power the owner has given the broker to contract with a third party in the owner's name, but this is not a revocation of the contract between the owner and the broker and normally such action constitutes a breach of the brokerage contract.

In this case, the broker promised to inspect the property, to list the property with a multiple listing service, to advertise the property in the local newspaper or other media, to furnish information to inquiring cooperating brokers and prospective purchasers, to show the property, to make efforts to find a purchaser, to "make an earnest and continued effort to sell," and to direct the concentrated efforts of his organization in bringing about a sale.

In the instant case, the contract clearly provided that the brokerage commission would be paid "whether the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about Summary on How to Mark a Book
  • Grades vs Marks Essay
  • Grades Better Than Marks Essay
  • Marks R Better Frm Grades Essay
  • Mark Anthony speech Essay
  • Comparison Between Marks System & Grading System Essay
  • The Mark of Ugliness Research Paper
  • The Birth Mark Essay

Become a StudyMode Member

Sign Up - It's Free