Which of the following is an example of a unilateral contract?

A unilateral contract is an agreement in which one party makes a promise to induce a second party to act. The second party is not obligated to act but if they do, the first party must fulfill their promise. In the context of real estate listings, an open listing represents this concept effectively.

An open listing allows a property owner to list their property with multiple brokers, and only the broker who finds a buyer is entitled to receive the commission. This means the owner is not bound to pay anyone unless a broker successfully brings a buyer. In essence, only one party (the owner) is making a promise to pay a commission, while the brokers are not obligated to act or to bring potential buyers. This dynamic is characteristic of a unilateral contract.

The other types of listings mentioned function differently. For instance, an exclusive right to sell listing and an exclusive agency listing create obligations for the owner to compensate the listing agent, regardless of who finds the buyer. A bilateral contract involves mutual promises, where both parties have obligations, which contrasts with the nature of a unilateral contract.