Which is an example of a purchase agreement?

• A. Open listing
• B. Unilateral contract
• C. Lease agreement
• D. Executed sales agreement

Answer: (D)

Purchase agreements are binding contracts that spell out the terms of buying and transferring ownership, including price, payment terms, and responsibilities of each party. The defining feature is that a sale is formalized in a signed agreement that commits both sides to perform and schedules the steps to close. Among the options, an executed sales agreement fits this idea because it is a signed, final contract in which the buyer and seller have agreed on price and terms and have completed the agreement, signaling that the purchase is ready to close. An open listing is simply a listing contract with a broker and does not itself create a transfer of ownership. A unilateral contract involves a promise by one party in exchange for an act by the other and is not the typical form of a purchase contract. A lease agreement governs renting rather than purchasing, so it does not represent a purchase agreement.