Real Estate Contracts and Agency

An express contract's terms are stated in words, oral or written; an implied contract is inferred from the parties' conduct.

An implied contract, because the parties' conduct shows they intended an agreement even though nothing was stated.

Both parties exchange promises, so each is bound to perform; a typical purchase agreement is bilateral.

Only one party makes a binding promise, and it is triggered only if the other party chooses to act; the other party is not obligated to act.

The optionor is bound to sell if the option is exercised, but the optionee has no obligation to buy.

The owner promises to pay a commission only if a broker produces a buyer, but no broker is obligated to try.