Question

Tabitha listed her property for sale, but it's been on the market for several months with no offers. She decides to terminate her listing agreement and rent the property out instead of selling it. Assuming that her listing agent has fulfilled all of his responsibilities under the contract, can Tabitha terminate the contract before its expiration date?
a. Only if she and the listing agent mutually agree to terminate the agreement.
b. Only if she succeeds in converting it to a rental.
c. Yes because she's received no offers on the listing.
d. Yes, she is entitled to terminate at any time.

Answer 1

A.only if she and the listing agent mutually agree to terminate the agreement

Answer 2

Tabitha can only terminate the contract before its expiration date if she and the listing agent mutually agree to terminate the agreement.

A contract could be defined as an agreement between two parties in which each party would have to fulfill their commitment as agreed or written in the document that was signed within the period of time agreed. When a party pulls out from the contract without proper negotiation and agreement with the other party involved the following would happen;

-> The defaulting party would be sued to court

-> The defaulting party would pay for damages which he or she was sued for.

With these into consideration, a partner cannot pull out of contract until they meet an agreement with the other party involved, failure to do this would lead to damages on the partner leaving.

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