Marlon intends to sell a piece of real estate he owns and contracts Nita,a real estate broker,to make the sale.In the contract,Marlon authorizes Nita to make the sale at or above a minimum price he wants and the date by which he wants the sale to be completed.The contract also stipulates that Marlon should not hire another broker to sell that piece of land until the expiry of the contract period.Nita finds a suitable buyer,makes the sale in time,and is paid by Marlon for her services.What kind of contract existed between Marlon and Nita?

Question

Quizplus · Accepted Answer

The contract between Marlon and Nita is an exclusive agency contract. This is because in this type of contract, the principal (Marlon) authorizes the agent (Nita) to perform certain actions on his behalf exclusively, meaning that he cannot hire another agent to perform the same actions during the contract period. Additionally, Nita would only be entitled to a commission if she was able to find a buyer who purchased the property at or above the minimum price set by Marlon within the specified time frame.

Marlon Intends to Sell a Piece of Real Estate He