A broker enters into a listing contract with a seller. The broker markets the property for several weeks and receives four offers. The seller selects the highest bid and ultimately closes on the property. However, the seller refuses to pay the broker their commission. What happens next? The broker can negotiate a smaller commission with the seller. О The broker can take legal action against the seller to obtain the commission owed to them since they successfully found a buyer for the property. О The broker can force the buyer to pay the commission. The broker cannot do anything as a commission in this case is only optional.

A broker enters into a listing contract with a seller. The broker markets the property for several weeks and receives four offers. The seller selects the highest bid and ultimately closes on the property. However, the seller refuses to pay the broker their commission. What happens next? The broker can negotiate a smaller commission with the seller. О The broker can take legal action against the seller to obtain the commission owed to them since they successfully found a buyer for the property. О The broker can force the buyer to pay the commission. The broker cannot do anything as a commission in this case is only optional.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Bill offers to sell his car to Tom for $9,000. Tom replies, “Your price is too high! I will offer to buy your car for $8,000.” Tom’s response is: A) a counteroffer B) a rejection of the original offer only C) the creation of a new offer only D) a refusal to deal.
1) summarizing whether you believe that contracts are promises 2) Analysis whether and why contracts and promises should be treated the same or differently 3) in your analysis, consider the potential economic, legal and moral consequences of your answer.
If an issue arises after the completion of a transaction, which of the following actions should a salesperson take to remedy the situation? O slect one answer. The salesperson should act promptly and resolve any Issues that may arise before the parties take legal action. The salesperson should first review the agreement and verify the relevant information, to accurately advise the seller or buyer as required. The salesperson should first arrange for compensation and reimburse the buyer or seller for any loss they may have The salesperson should inform their client that since the transaction has closed, they are no longer obligated to provide further services to them. incurred.
Select the statement that describes how bilateral and unilateral contracts are alike and different. Both contract types involve two parties. But in bilateral contracts, both parties make a promise; in unilateral contracts, only one party does. Both are valid contract classifications, but only bilateral contracts involve two parties. Both are valid contract classifications, but only unilateral contracts involve two parties. Both contract classifications involve two promises, but only bilateral contracts involve two parties.
After a complaint was filed against him, Broker Ike was found guilty of a license law violation. He was fined and had to pay legal fees totaling $8,900. This was paid by the Recovery Fund. What else is likely to happen to Broker Ike? . The FREC can issue a citation and the Ike's license becomes involuntary inactive. O The FREC will suspend the Ike's license until the fund has been repaid in full. O The FREC declares Ike's license null and void. The FREC will revoke the Ike's license.
Buyer Bert can't believe that Seller Sam has had a last-second change of heart about entering into an agreement to sell his home to Bert. Sam has offered to refund Bert's earnest money and even pay him something in acknowledgment of Bert's inconvenience and disappointment, but Bert's not having it. He wants Sam's house. Choose the remedy for breach of trust that Bert will most likely take. demand specific performance initiate rescission accept compensatory damages settle for liquidated damages
Peter and Donald disagree on the interpretation of a business contract. Peter believes Donald owes him $20,000 and Donald believes he owes nothing. Peter believes he (Peter) has a 60% chance of prevailing. The cost of litigating is $2,000 each. Donald is 100% certain that he (Donald) will prevail. Which of the following statements are true? O This case will not settle because Peter and Donald have different expectations about who would win in court. O The case can settle with Donald paying Peter $9,000. O The case can settle with Donald paying Peter nothing. O The case can settle with Donald paying Peter $2,000.
What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17
Granite Insurance Company entered into a treaty reinsurance agreement with Rock Solid Reinsurance (RSR). Granite's retention limit is $400,000 and RSR agreed to provide reinsurance for up to $2.0 million. If Granite writes an $800,000 policy, RSR is responsible for 50 percent of the losses. If Granite insures a $1.6 million risk, RSR is responsible for 75 percent of any losses. What type of reinsurance arrangement did Granite enter into with RSR? ما A) reinsurance pool B) surplus share reinsurance C) facultative reinsurance D) excess of loss reinsurance
Which of the following is true regarding whether the buyer and seller may negotiate contractually for a shorter time period to sue for breach of contract than the statute of limitations period ordinarily recognized by the Uniform Commercial Code? Multiple Choice The buyer and seller may not negotiate for a shorter time period to sue for breach of contract, instead, they must recognize the statute of limitations period established by the Uniform Commercial Code. Without limitation, the buyer and seller may negotiater a shorter time period to sue for breach of contract than the statute of limitations period ordinarily recognized by the Uniform Commercial Code. The buyer and seller may negotiate for a shorter time period to sue for breach of contract than the statute of limitations period ordinarily recognized by the Uniform Commercial Code, so long as the contractually-agreed-upon time period is not for less than one year. The buyer and seller may negotiate for a shorter time period to…
James is looking to enter into a listing contract with Mary to sell her house. The two are trying to come to an agreement on what type of listing contract to use. What type of listing contract will offer James the least amount of protection? O An open listing agreement since it is a unilateral contract. O An exclusive Right to Sell agreement since it is a bilateral contract. O An Exclusive Agency agreement since the owner can still find a buyer themselves O An Exclusive Agency agreement since it is a unilateral contract.
Shawn buys 50 widgets at a store closing sale. He buys the widgets intending to use them around the house. He only uses 25, though, and decides to sell the remaining widgets online. Shawn lives in Colorado. He finds an individual buyer, Victoria, in Italy. Does the CISG apply if there is an issue with this contract? O No, because at least one party must be a merchant. Yes, because the contract does not state that the CISG does not apply. O Yes, because the CISG automatically applies when two signatory country parties enter into a contract. No, because the contract does not state that the CISG applies. O No, because these are two consumers.