Question

Lucy is contracting with Cecilia to sell a piece of property. Which of the following is NOT required of them to enter into a valid agency relationship?

Mutual Agreement: Both parties must agree to establish an agency relationship.
Consent: The principal (Lucy) must consent to the agent (Cecilia) acting on their behalf.
Compensation: Agents are typically compensated for their services.
Written Contract: A written contract is not always required to create a valid agency relationship.

Answer 1

In order to enter into a valid agency relationship for the sale of a property, mutual agreement, consent, and compensation are required, but a written contract is not necessary.

Step-by-step explanation:

In order to enter into a valid agency relationship for the sale of a property, the following requirements must be met:

1. Mutual Agreement: Both parties must agree to establish an agency relationship.
2. Consent: The principal (Lucy) must consent to the agent (Cecilia) acting on their behalf.
3. Compensation: Agents are typically compensated for their services.
4. Written Contract: A written contract is not always required to create a valid agency relationship.

Therefore, the Written Contract is NOT required to enter into a valid agency relationship.