Final answer:
The agreement in question is an open listing agreement in real estate. It allows multiple agents to find a buyer, but only pays commission to the agent who succeeds, similar to exclusive dealing agreements that can either encourage or limit competition in business.
Step-by-step explanation:
The type of agreement described in the student's question is known as an open listing agreement in the real estate industry. In an open listing, the property owner may engage multiple real estate agents to find a prospective buyer. The commission is only earned by the agent who successfully brings a buyer to the table. If the owner independently finds a buyer without the assistance of any agents, no commission is paid to any of the agents. This type of agreement offers flexibility to the seller and creates a competitive environment among agents, sharing similarities with exclusive dealing agreements in other business contexts.
Exclusive dealing agreements between manufacturers and dealers, much like open listings in real estate, can be structured to encourage competition. As with Ford Motor Company selling to its own network of Ford dealers, this form of exclusive arrangement supports distribution and competition among branded dealerships. However, exclusive deals can cross into anticompetitive territory if they excessively limit competition, like a single retailer gaining exclusive rights to sell certain electronics, thereby impacting competitors' market access.
It is important for agreements, whether in real estate or broader business contexts, to support the principles of competition and market access. Contractual rights are the foundation of such agreements, ensuring that property owners have the right to form contracts and, when necessary, seek recourse through the legal system if terms are breached.