What organizational form do open listings typically take?

Open listings are primarily characterized as unilateral contracts. In a unilateral contract, one party (the seller) agrees to pay a commission to multiple brokers or agents if they successfully find a buyer for the property. This means that the seller retains the right to sell the property on their own without any obligation to the brokers, and only the broker who brings a buyer that results in a sale is entitled to the commission.

This organizational form is distinct because it does not create a mutual agreement between the seller and any single broker; rather, it allows multiple brokers to work on finding a buyer while the seller maintains control over the sale process. Open listings provide flexibility for sellers, as they can engage several agents and still have the opportunity to sell the property independently without incurring commission fees if they close a deal on their own. The nature of the agreement is that the seller is making a promise to pay, provided a specific condition (finding a buyer) is fulfilled, which aligns perfectly with the definition of a unilateral contract.