An exclusive authorization and right to sell agreement is best defined as which type of contract?

An exclusive authorization and right to sell agreement is classified as an express bilateral contract. This type of contract is explicitly stated and agreed upon by both parties – the seller and the agent. In this context, the seller authorizes the agent to sell the property, and in return, the agent commits to using their best efforts to find a buyer.

The key features of express bilateral contracts include mutual promises made by both parties where each party's performance is contingent upon the other's. In this case, the seller promises to pay the agent a commission if the property sells, and the agent promises to actively seek a buyer.

The other types of contracts mentioned have different characteristics. A verbal contract, while it can be an express agreement, may not hold the same authority in real estate transactions due to legal requirements for written agreements in many situations. An implied contract arises from the actions or conduct of the parties involved rather than their explicit words. A unilateral contract involves a promise made by one party without a corresponding obligation from the other party until a certain action is performed, which does not accurately describe the mutual agreement represented by an exclusive right to sell agreement.