What type of contracts are listing and buyer brokerage contracts in Connecticut?

Listing and buyer brokerage contracts in Connecticut are classified as bilateral contracts. A bilateral contract is one where both parties make promises to each other and are therefore bound by their respective obligations. In the context of real estate, when a seller signs a listing agreement with a broker, the seller agrees to pay the broker a commission upon the sale of the property, while the broker agrees to market the property and assist the seller in finding a buyer. This mutual exchange of promises is what characterizes a bilateral contract.

On the other hand, an implied contract refers to agreements that are established based on the actions or behavior of the parties rather than explicitly stated terms. Parol contracts are typically oral agreements that may not be enforceable in writing but do not apply to listing or buyer brokerage contracts, which are formalized in writing. Unilateral contracts involve one party making a promise or offering something without an expectation of a return promise from the other party, which again does not fit the nature of listing and buyer brokerage contracts where both parties have duties to perform. Therefore, the nature of these contracts in the real estate setting is clearly bilateral.