listing contract

listing contract
A so-called contract whereby an owner of real property employs a broker to procure a purchaser without giving the broker an exclusive right to sell. Under such an agreement, it is generally held that the employment may be terminated by the owner at will, and that a sale of the property by the owner terminates the employment. Such an agreement is not in fact a contract, but is a mere offer, which, if not sooner revoked, ripens into a contract if the broker produces a purchaser while the owner still holds the property. Harris v McPherson, 97 Conn 164, 115 A 723, 24 ALR 1530, 1534. See list.

Ballentine's law dictionary. . 1998.

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