What is a contract called whereby the seller agrees to pay a commission and the broker agrees to use diligence in finding a buyer?

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Quizplus · Accepted Answer

This type of contract involves mutual promises, with both the seller and the broker agreeing to certain obligations. It is also considered executory because both parties have yet to fulfill their promises until a buyer is found and the transaction is completed. Additionally, the contract involves a commission payment from the seller to the broker, in exchange for the broker's diligent efforts to locate a suitable buyer.

What Is a Contract Called Whereby the Seller Agrees to Pay