Final answer:
Exclusive listing agreements must detail property specifics, agent responsibilities, contract duration, and agent compensation, and must avoid creating anticompetitive scenarios that limit market competition unlawfully.
Step-by-step explanation:
An exclusive listing agreement must fulfill certain requirements to be considered valid and enforceable. This type of agreement often relates to the sale of property through a single agency or real estate agent. The requirements for an exclusive listing agreement often include a clear description of the property, the obligations of the listing agent, the duration of the contract, and the compensation arrangement for the agent. It's essential that the agreement does not result in anticompetitive practices that can limit competition unlawfully. As in the examples provided, exclusive dealing is legal if its purpose is to encourage competition among dealers, such as the distribution of Ford Motor Company cars to only Ford dealers. However, if a single retailer were to obtain exclusive rights to a wide range of products, effectively becoming the sole distributor and limiting other retailers' access, this might breach competition laws.